VANCOUVER, March 23 /PRNewswire-FirstCall/ - Hemptown Clothing Inc., (NADVF: OTCBB) a leading provider of sustainable, environmentally-friendly fibers and fabrics, today announced the formation of two new subsidiaries and change in the company's name to Naturally Advanced Technologies Inc. The two new subsidiaries are CRAILAR(TM) Fiber Technologies Inc. and Hemptown Clothing and both will operate under the parent company, Naturally Advanced Technologies. CRAILAR Fiber Technologies was formed to produce high-tech, high-strength natural fiber for the textile and composite industry. Hemptown Clothing, the company's legacy business, is a leader in the production of eco-friendly fiber garments for the sportswear industry with its HT Naturals division. "Our name change to Naturally Advanced Technologies and the addition of the two new subsidiaries reflects our strategic decision to focus on the development and commercialization of CRAILAR," stated Jerry Kroll, CEO. "CRAILAR is a new biotech enzyme process we have developed in collaboration with the Canadian Government National Research Council and the Alberta Research Council, which has the potential to significantly change the production of textile bast fibers such as hemp, bamboo and flax and to replace composite fibers, including glass. As such, CRAILAR expands our target markets beyond our traditional served market of hemp blend fabrics into industries such as apparel, medical and hospitality textiles, and auto, marine and airplane parts. Naturally Advanced Technologies represent the next step in the evolution of our company and our energies are now focused on capitalizing on the significant growth opportunity CRAILAR presents." The OTCBB has issued a new trading symbol for Naturally Advanced Technologies' common stock, effective at the open of the market today. The company's website can now be located at www.naturallyadvanced.com. About Naturally Advanced Technologies Inc. Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF), formerly Hemptown Clothing Inc., is a leading provider of sustainable, environmentally-friendly fibers and fabrics. Naturally Advanced Technologies is in the process of developing and patenting a revolutionary biotech enzyme fiber process named CRAILAR in collaboration with Canada's National Research Council and Alberta Research Council. CRAILAR is expected to enable the cost-effective production of these quality and conservation-based textiles and composites; therefore, management believes CRAILAR will significantly change production of fibers and composites. The company intends to license CRAILAR to partners in many industries including apparel; medical and hospitality textiles; upholstery; diversified industrials; and auto, marine and airplane parts. NAT was founded in 1995 in response to the growing demand for environmentally friendly, socially responsible clothing. In its ten year history, NAT has shipped more than 500,000 garments reducing chemical use by 86,634 pounds and saving 452,232,264 gallons of fresh water. NAT respects human rights of employees, the environmental impact of the company's operations and fiscal responsibility to its shareholders. Safe Harbor Statement This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act of 1934 and the provisions of the Private Securities Litigation Reform Act of 1995 and is subject to safe harbor created by these sections. Actual results may differ materially due to a number of risks, including, but not limited to, technological and operational challenges, needs for additional capital, changes in consumer preferences, risks associated with: market acceptance and technological changes; dependence on manufacturing and material supplies providers; international operations; and competition. Contact For further information please contact Investor Relations, Kirsten Chapman or Moriah Shilton, both of Lippert/Heilshorn & Associates, email@example.com, +1-415-433-3777. For more details on the NRC enzyme process, see: http://hemptown.com/sites/hemptown/files/NRCArticle.pdf
SOURCE Hemptown Clothing Inc.