Corporate Update at the Request of the TSXV and Reinstatement to Trade

TORONTO, Oct. 18, 2017 (GLOBE NEWSWIRE) -- At the request of the TSX-V, FTI Foodtech International Inc. (TSX-V:FTI) ("FTI" or "the Company") has prepared a Corporate Update press release to clarify past releases and to release new information.

Current Activities:
iDroid:
On August 21, FTI and iDroid Inc. ("iDroid") signed an extension to the June 23^rd MOU for the acquisition of iDroid.  The extension to Dec 31, 2017 is to allow sufficient time to audit iDroid's financial statements and to appraise their assets and business activity.  When the Company enters a definitive agreement with iDroid, trading will be halted as this will be a material acquisition and subject to Exchange approval.

2017 Proposed Private Placement:
The proceeds of the private placement announced on August 11, 2017 will be used for costs related to the acquisition of iDroid, to fund liquidation projects, to evaluate other opportunities, to cover the company's operating expenses and to reduce company debt.   A further press release will be issued once the financing has been completed.

Tier 2 Continued Listing Requirements and Notice for NEX:
Currently, FTI does not meet the Tier 2 Continued Listing Requirements ("CLR") for the TSX-V. The Company intends to meet CLR by completing the acquisition of iDroid, or an equivalent project, and the 2017 proposed private placement. 

The Exchange has placed the Company on Notice for transfer to NEX due to non-compliance with the Tier 2 CLR.  To avoid the transfer to NEX, the Company must remedy its CLR deficiencies.  The Exchange had granted FTI an extension until December 31, 2017 to do so.  If the Company is unable to meet the Tier 2 CLR requirements, then the Company will be transferred to NEX.

BCSC Cease Trade Order:
The Cease Trade Order issued by the BCSC was revoked on August 10, 2017 and shares of the Company will be reinstated for trading after the Exchange has completed its review.

Updates on Past Releases:
GlobalEx Chlorine Dioxide Tablets:
On February 13, 2014, the Company signed for the exclusive marketing and distribution rights for the GlobalEx Global line of chlorine dioxide water purification tablets for North America, Central America and the Caribbean.  Initially, FTI had success finding distributors for countries within its master territory.  In October 2014, FTI ceased doing business with GlobalEx while they went through an internal restructuring.  On February 4, 2015, FTI signed a similar agreement, this time with GlobalEx Water and Air Technology France, adding additional territories based on customer interest in regions that were still available.  After further exploration of this opportunity, in November 2015, FTI ceased its efforts to market the GlobalEx tablets due to the high product costs and the costs of licensing and regulatory requirements.

2015 Proposed Private Placement:
On February 19, 2015, the Company announced a private placement to raise capital to fund the GlobalEx project and general corporate purposes.  The company did not complete this private placement.

Safe Cash Blockchain Technology Project:
In July 2016, FTI announced that it was working with Safe Cash Payment Technologies, Inc. ("Safe Cash") to develop a blockchain based application for the food industry.  During this time management explored and discussed the concept with the Safe Cash team.  As well, FTI contacted food processors and others in the food industry to determine interest.  The main advantage of the proposed application would be its speed and accuracy compared to other currently available methods.  In March 2017, this project was put on hold to allow the Company to focus on the iDroid project.

Mr. Ziger Leaves Board of Directors in 2016:
Mr. Boris Ziger did not stand for re-election at the 2016 AGM on September 14, 2016.  The company considered other candidates to replace Mr. Ziger on the board, but eventually it decided to reduce the number of directors on the board to four.  On August 21, 2017, Mr. William Hullah joined Dr. Linda Lakats and Ms. JoAnne Strongman on the Audit Committee to fill the vacancy left by Mr. Ziger leaving the board.

The TSX Venture Exchange Inc. has approved the contents of this press release.  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, contact: William Hullah, President, FTI at (416) 444-1058.