Vancouver, Canada Forbes Medi-Tech Inc. (TSE:FMI and NASDAQ:FMTI) today announced that further to its news release dated July 2, 2003 Phyto-Source, LP has closed its US$3 million term loan facility and US$1.5 million line of credit with Southwest Bank of Texas and has made the US$3 million advance loan payment to Forbes. For further details regarding this transaction, please see news release dated July 2, 2003.
About Phyto-Source, LP
Phyto-Source, LP is a 50-50 manufacturing joint venture between Forbes and Chusei (USA) Inc. located in Pasadena, Texas. The Phyto-Source facility is currently the world's largest wood sterol manufacturing plant capable of producing 1,000 metric tonnes annually to Good Manufacturing Practice (GMP) standards. The plant is a modular design, which can be expanded to accommodate the growing demand for the Company's sterol-based ingredients.
About Southwest Bank of Texas
Southwest Bank of Texas is the largest independent bank headquartered in Houston, Texas, with $5.1 billion in assets. The Bank focuses on commercial lending and treasury management for businesses, private banking, wealth management and trust services for families and individuals, and retail and mortgage banking services. The Bank has 34 full-service branches located throughout the Houston metropolitan area.
About Forbes Medi-Tech Inc.
Forbes Medi-Tech Inc. is a biopharmaceutical company dedicated to the research, development and commercialization of innovative prescription pharmaceutical and nutraceutical products for the prevention and treatment of cardiovascular and related diseases. Forbes' scientific platform is based on core sterol technology. By extracting plant sterols from by-products of the forestry industry, Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.