VICTORIA and PORTLAND, March 4, 2013 /PRNewswire/ - CRAiLAR Technologies Inc. ("CRAiLAR" or the "Company") (TSXV: CL) (OTCBB: CRLRF) has named Ted Sanders to the position of Chief Financial Officer, succeeding Guy Prevost, effective March 1. Mr. Sanders brings 20 years of financial management experience in publicly traded and private businesses from startups to multi-billion dollar global companies. He will work out of the Company's U.S. operations located in Portland, Ore. Mr. Prevost, who has been with the Company since November 2005, will remain with CRAiLAR in the role of Corporate Controller and Compliance Officer based in Victoria, B.C.
Mr. Sanders brings to the CRAiLAR executive management team a proven track record of success, most recently as CFO of U.S. Auto Parts (NASDAQ: PRTS), where revenues doubled during his three-year tenure to more than $325 million through organic growth and acquisition, and at PCM Inc. (NASDAQ: PCMI), where he oversaw revenues of $1.2 billion, acquisitions and subsidiary IPOs with a team of 60 during his 10-year tenure.
"Ted strengthens the executive management team with experience at international publicly listed companies that saw significant growth during his tenure. This will prove to be invaluable to CRAiLAR as we transform into a fully operational company and evaluate our intended listing on exchanges that provide broader access to CRAiLAR stock," said Ken Barker, CEO of CRAiLAR. "Guy has played an integral role in the transformation of CRAiLAR from an organic apparel retailer to where we stand today as the industry's only sustainable natural fiber capable of revolutionizing the fiber industry."
In his new role, Mr. Sanders will lead strategic financial positioning globally, both in the investment community and the industrial sector within which CRAiLAR operates. His strong background of managing growth companies and extensive experience with various forms of capital financing will be a key addition to strategic growth plans for the Company.
In accordance with Mr. Sanders' appointment he has now entered into a services agreement with the Company and has been granted a vesting (over 12 months) stock option to acquire up to 200,000 common shares of the Company at an exercise price of U.S. $2.24 per common share and for a period of up to five years from the date of grant.
Earlier this month CRAiLAR announced that it had retained MZ Group as its investor relations advisor in Canada and the U.S. for communicating its corporate, financial and investor-related developments to shareholders and investors, as well as expanding its shareholder base, particularly in the United States and Canada.
About CRAiLAR Technologies Inc.
CRAiLAR® Technologies Inc. offers cost-effective and environmentally sustainable natural fiber in the form of flax, hemp and other bast fibers for use in textile, industrial, energy, medical and composite material applications. Produced using a fraction of water and chemical inputs compared with other natural fibers, CRAiLAR Flax is the newest natural fiber introduction to the market in decades. The Company supplies its CRAiLAR Flax to HanesBrands, Georgia-Pacific, Brilliant Global Knitwear, Tuscarora Yarns, Target Corp. and Kowa Company for commercial use, and to Levi Strauss & Co., Cintas, Carhartt, Ashland, PVH Corp., Cotswold Industries and Lenzing for evaluation and development. The Company was founded in 1998 as a provider of environmentally friendly, socially responsible clothing. For more information, visit www.crailar.com.
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Forward-Looking Statement Disclaimer
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, are forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information and including, without limitation, risks and uncertainties relating to: any market interruptions that may delay the trading of the Company's shares, technological and operational challenges, needs for additional capital, changes in consumer preferences, market acceptance and technological changes, dependence on manufacturing and material supplies providers, international operations, competition, regulatory restrictions and the loss of key employees. In addition, the Company's business and operations are subject to the risks set forth in the Company's most recent Form 10-K, Form 10-Q and other SEC filings which are available through EDGAR at www.sec.gov. These are among the primary risks we foresee at the present time. The Company assumes no obligation to update the forward-looking statements.
SOURCE Crailar Technologies Inc.