VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2007) - First Factor Developments Inc. (NEX:FFD.H) reports that Darryl S. Cardey, CA has been appointed as a director. Allan Williams and Ian McKinnon have resigned, and the company thanks them for their service over the past 22 months.Mr. Cardey obtained a Bachelor of Commerce degree from the University of British Columbia in 1990. Mr. Cardey has served as an officer and/or director of several publicly traded companies, and is the principal of Cardey Management Corp., a private British Columbia venture capital firm.First Factor also reports that Gregory Beischer, a director of the company, has been appointed as president and chief executive officer. Philip St. George, already an officer of the company, has been appointed as chief financial officer. Janice Davies has been appointed as corporate secretary of the company. Ms. Davies is a self-employed consultant and acts as an officer of several publicly traded companies. Further to the company's news release of April 3, 2007, the non-brokered private placement being undertaken concurrently with its change of business transaction will raise $1,125,000 through the issuance of 2,500,000 units. Each unit will consist of one common share and one-half of a share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.75 in the first year and at a price of $1.00 in the second year. The private placement is subject to receipt of TSX Venture Exchange acceptance.
The company also reports that it has granted stock options to certain directors and officers entitling them to purchase, for a period of five years, a total of 1,050,000 shares at a price of $0.38 each.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Gregory Beischer, President & CEO
(604) 638-3164
Toll Free: (877) 217-8978
First Factor Developments Inc.
750 World Trade Centre - 999 Canada Place
Vancouver, BC V6C 3E1
Canada
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