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FreshXtend Technologies Corp. Announces New CEO Appointment.


VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography
 -- Murray Boyte, Chairman FreshXtend Technologies Corporation ("FreshXtend") (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
TSX Transfer from Stack Pointer to Index
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 VENTURE:FXT FXT Fire Extinguisher Training
FXT Transformation Tool for Xml
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) is pleased to announce the appointment of Mr. Francis Ko as Chief Executive Officer effective immediately. Mr. Ko will succeed Mr. Paddy Marra, the current Chief Executive Officer who will remain on the Board as Deputy Chairman. Mr. Marra has been Chief Executive since June 2003.

During this period, FreshXtend under Mr. Marra has carried out a major restructuring exercise whereby it completed a number of asset sales of non-core businesses and developed a strategy as a leading provider of life extension technology to the high growth fresh produce and flower industry. The restructuring program included a major recapitalisation exercise and the introduction of new capital, which has provided FreshXtend with a very sound financial base to pursue its licensing strategy in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere.  and international markets. FreshXtend has now completed the restructuring phase under the leadership of Mr. Marra who will also continue to provide consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)
service - work done by one person or group that benefits another; "budget separately for goods and services"
 particularly in the structuring of FreshXtend's international activities.

FreshXtend's next stage of development will focus on the consolidation of its patented technologies in North America and the expansion of its activities into international markets. FreshXtend in researching a number of international markets believes there are good opportunities for its range of technologies from which a strong and diverse revenue base can be achieved. In this respect, FreshXtend has appointed Mr. Gerard H.G. Post of Zenith Beverage Consulting in Amsterdam as its agent for its range of antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene  products in Europe.

FreshXtend is in the early stages of negotiation for the application of technologies in Asia including China. With the assistance of the National Research Council of Canada The National Research Council Canada (NRC) is Canada's leading organization for scientific research and development. History
NRC was established in 1916, mainly to advise the government. Then, in the early 1930s, laboratories were built in Ottawa.
, IRAP IRAP Industrial Research Assistance Program (National Research Council, Canada)
IRAP Imposta Regionale sulle Attività Produttive (Italy)
IRAP Interleukin-1 Receptor Antagonist Protein
 Grant, FreshXtend is carrying out research in Asia the results of which are suggesting there is considerable potential for the FreshXtend Freshspan(TM) product.

In North America, FreshXtend recently announced it had entered into a ten year renewable technology license with Welch Foods Inc. of Concord, Massachusetts Concord is a town in Middlesex County, Massachusetts, in the United States. As of the 2000 Census, the town population was about 17,000. Although a small town, Concord is noted for its leading roles in American history and literature.  to provide FreshXtend's fresh cut fruit technologies and processes for Welch to develop a range of retail fruit products. This license will be extended to other international markets in due course for specific cut fruit applications.

Mr. Ko has had over 30 years experience in the food industry with the Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov.  based Dairy Farm Group where he has undertaken assignments in Asia and Australia. His background includes the establishing of new start up food production businesses and retail operations in Asia. In addition, he has held senior management positions in supply chain, manufacturing and market development in food sector businesses.

FreshXtend now has the financial base and management resources to maintain an ongoing research and development program to enhance its technologies and tailor them to specific applications for an international client base. This will underpin a market orientated o·ri·en·tate  
v. o·ri·en·tat·ed, o·ri·en·tat·ing, o·ri·en·tates

v.tr.
To orient: "He . . .
 approach to business development in the fast growing fresh produce market in North America and internationally.

Solphen Group Limited

As a final step in the restructuring of FreshXtend, FreshXtend has made a takeover offer for all of the shares that it does not already own in Solphen Group Limited ("Solphen"), a UK holding company that previously owned Scalime France S.A ("Scalime"). FreshXtend sold Scalime to Solphen in mid-2003 and as part of the consideration FreshXtend received 7,700,000 Solphen shares, which represented 28.35% of Solphen's issued capital. Solphen has subsequently sold Scalime and is now a 'cashed up shell'.

FreshXtend has made an offer of:

- One (1) FXT Share fully paid for every 11 Solphen Shares; or

- Half a (0.5) pence (Sterling) per Solphen Share

With two main conditions that acceptances for at least two-thirds of the Solphen shares not already owned by FreshXtend are received and that at least half of the remaining shareholders accept for FreshXtend shares. If acceptances for two-thirds of the remaining shares are received then FreshXtend can proceed to utilize Solphen's compulsory acquisition procedures and compel the remaining Solphen shareholders to accept the offer.

A number of the shareholders in Solphen are also FreshXtend shareholders and undertakings have been received from Gibsbourne Pty Ltd PTY LTD Propriety Limited (company structure in Australia) . and John Gunn John Gunn may refer to:
  • John Gunn (cricketer) (1876-1963), English cricketer
  • Sir John Currie Gunn (1916-2002)
  • John Gunn (Australian politician) (1884-1959), 29th Premier of South Australia
, two major shareholders in FreshXtend that they will accept the FreshXtend share offer alternative and between them they represent 40.8% of the outstanding shares.

The number of FreshXtend shares to be issued under this Offer will be between 884,517 (if the minimum of 50% of the remaining Solphen Shareholders accepted) and 1,769,034 if all Solphen Shareholders accepted FXT Shares. Thus transaction will have the effect of generating in the order of US$200,000 of net cash for FreshXtend.

The TSXV has yet to approve the issue of the FreshXtend shares until the exact number of shares to be issued are known.

The full Offer Circular is posted on the FreshXtend Website: www.freshxtend.com.
For further information please contact:

Mr. Murray R. Boyte
Chairman, FreshXtend Technologies Corp.
Email - mboyte@ariadne.com.au
Mobile Phone - 61 418 732831



FreshXtend is a leading provider of life extension technology to the high growth Fresh Produce and Flower Industry and uses its technological leadership to pursue licensing opportunities. The Company's patented technologies naturally place produce in a state of hibernation while it is being shipped, and extends the shelf life of fresh produce, flowers and juices, thereby enabling economic distribution of premium quality vine-ripened fruit and vegetables. The Company has a network of R&D relationships, which include the University of British Columbia Locations
Vancouver
The Vancouver campus is located at Point Grey, a twenty-minute drive from downtown Vancouver. It is near several beaches and has views of the North Shore mountains. The 7.
 and focuses on building features that will appeal to FreshXtend's customers in order to gain a competitive edge in the marketplace. The Company continues to pursue licensing opportunities through grower/processor channels as a way of maximizing the distribution for its technologies.

Trading symbol Trading symbol

See: Ticker symbol
: FXT (TSX-V)

Manual Listing S & P's Industrial & Int'l, 12g (3)b Exemption: #82-2190

The statements in this news release may contain certain forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations.

The TSX Venture Exchange TSX Venture Exchange

Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors.
 has neither approved nor disapproved the contents of this news release.

FreshXtend Technologies Corp. (TSX VENTURE:FXT)
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Aug 17, 2005
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