Functional Technologies Corp. (TSX-V:FEB) has been granted an extension of creditor protection, the company announced Friday.
The Vancouver company announced April 25 that it was seeking creditor protection as it looked to restructure and make arrangements with creditors. Friday’s announcement reported that the creditor protection period was extended to June 12, 2013.
On May 9, the company announced that it was being removed from the OTCQX International Exchange and had been downgraded to the OTC Pink Current tier, as a direct result of the creditor protection filing.
Functional Techologies, which is located on the UBC campus, develops and commercializes yeast-based products to prevent the formation of toxins and contaminants in the food, beverage and healthcare industries.
As of press time, shares of Functional Technologies Corp. were trading at $0.025, an increase of $0.01 or 66.67%.
