~Increased Capacity Required to Support Growing Sales~
Vancouver, BC -- Forbes Medi-Tech Inc. (TSX: FMI; NASDAQ: FMTI) announced today that the expansion of its joint venture's manufacturing facility in Pasadena, Texas is complete. The Phyto-Source, LP plant's capacity has been successfully increased by 50% from 1000 metric tonnes annually to 1,500 metric tonnes in anticipation of increased demand for the Company's cholesterol-lowering ingredients, Reducol(tm) and Phyto-S Sterols.
"The completed expansion of the Texas facility marks the achievement of one of Forbes' key objectives for 2004," said Charles Butt, President and CEO of Forbes Medi-Tech Inc. "The expansion will help address pending demand from the recently announced 3-year US$24.4 million sterols sales agreement, our planned European product launches plus overall growth of the nutraceutical market," added Butt.
The Company's revenue guidance for 2004 is Cdn$16.5 million. Next year's revenue objective will be provided in the first quarter of 2005.
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 derived from by-products of the forestry industry and other natural sources for the prevention and treatment of cardiovascular and related diseases. The Company's scientific platform is based on core sterol technology. Forbes has developed cholesterol-lowering agents for use in pharmaceutical compounds, functional foods and dietary supplements.
NASDAQ and the Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this News Release. This News Release contains forward-looking statements about the future demand for the Company's cholesterol-lowering ingredients, planned European product launches and anticipated growth of the nutraceutical market, which statements can be identified by the use of forward-looking terminology such as "will", "anticipation", "pending", "planned", "growth" or any other variations thereon or comparable terminology referring to future dates, events or results. Forward-looking statements are statements about the future and are inherently uncertain, and the Company's actual results could differ materially from those anticipated in those forward-looking statements as a result of numerous factors, including without limitation; the Company's dependency on its joint venture partner, Chusei (U.S.A.) Inc.; marketing/manufacturing and partnership/strategic alliance risks; the effect of competition; uncertainty of the size and existence of a market opportunity for the Company's and its customers' products; uncertainty regarding market acceptance of the Company's and its customers' products; the need for regulatory approvals; intellectual property risks; environmental risks; risks inherent in the development of new products; the need for performance by the Company's customers; the Company's need for additional future capital, which may not be available in a timely manner or at all; exchange rate fluctuations; product liability and insurance risks; uncertainty as to whether the Company will meet its revenue guidance for 2004; as well as a description of other risks and uncertainties affecting the Company and its business, as contained in news releases and filings with the United States Securities and Exchange Commission and Canadian Securities Regulatory Authorities, any of which could cause actual results to vary materially from current results or the Company's anticipated future results. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statement if those beliefs, opinions or expectations, or other circumstances should change.