CRAiLAR Technologies to Begin Production December 17
Milestone Takes Company From Construction to Operations, Focus on Partner Order Delivery, Innovation Ahead
VICTORIA, BC and PORTLAND, OR, Nov. 28, 2012 /PRNewswire/ - CRAiLAR Technologies Inc. ("CL" or the "Company") (TSXV: CL) (OTCBB: CRLRF) confirmed on Wednesday that it will commission the Company's first full-scale manufacturing facility for CRAiLAR Flax Fiber on December 17, 2012. Announced on its investor call in October, the timeline remains in place to begin production of its sustainable, performance-driven flax fiber at the new Pamplico, South Carolina facility. Currently, it is supplying the product to HanesBrands, Target, Georgia-Pacific and others.
"We are pleased to be on schedule with the timeline we put forth in October, and thrilled to turn the power on and move into production before the end of the year," said Ken Barker , CEO of Crailar Technologies. "This milestone will put us on course for significant developments for CRAiLAR Flax Fiber and its global brand partners in 2013."
Production Output Projections
The Company plans to tier its output at the facility beginning with an
anticipated 150,000 lbs. per week in January, increasing to 300,000
pounds per week in February, and then to level off in the short-term at
450,000 pounds per week thereafter. By the end of 2013, it anticipates
the commissioning of expanded production capacity at the facility of
600,000 lbs. per week, and to achieve a total production capacity of
more than one million pounds of CRAiLAR Flax Fiber per week by year-end
2013.
Partner Brand Updates
During the Company's October investor update call, Barker outlined new
development activities with iconic global leaders in sportswear and
home furnishings, two previously untapped categories for Crailar
Technologies, that it expects to migrate to commercialization in 2013.
A transcript of that call is available to download at crailar.com/investors.
About CRAiLAR Technologies Inc.
CRAiLAR® Technologies Inc., previously Naturally Advanced Technologies
Inc., offers cost-effective and environmentally sustainable natural
fiber in the form of flax, hemp and other best 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, and Target Corp. for commercial use, and to
Levi Strauss & Co., Cintas, Carhartt, Ashland, PVH Corp. 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.
ADVISORY: This press release contains forward looking statements which may include statements concerning completion of any proposed acquisitions, capital programs, debt, funds flow from operations, and the anticipated use of the net proceeds of the Private Placement. Although CL believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because CL can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Any proposed acquisition may not be completed if required approvals or some other condition to closing is not satisfied. Accordingly, there is a risk that any proposed acquisition or offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the Private Placement by CL might change if the board of directors of CL determines that it would be in the best interests of CL to deploy the proceeds for some other purpose.
The forward looking statements contained in this press release are made as of the date hereof and CL undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
SOURCE Crailar Technologies Inc.
More by this Source
Revised Production Date for CRAiLAR in Pamplico
Dec 28, 2012, 16:30 ET
CRAiLAR Pamplico Facility Commissioned
Dec 18, 2012, 16:55 ET
CRAiLAR Technologies and Difference Capital sign merchant banking agreement
Nov 28, 2012, 06:30 ET
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