HANESBRANDS INC. TO MAKE UPFRONT PAYMENTS FOR CRAILAR FLAX FIBER TO BE DELIVERED IN 2011.
PORTLAND, Dec. 1 /PRNewswire/ - Naturally Advanced Technologies, Inc. (OTC: NADVF, TSXV: NAT) today announced that it has entered into a short-term supply agreement with Hanesbrands Inc. starting in December 2010 for the continued development of CRAiLAR Flax fiber.
The companies recently completed spinning trials using the CRAiLAR flax fibers, and the supply agreement allows for Hanesbrands to pre-purchase CRAiLAR Flax fiber from Naturally Advanced Technologies for additional product testing. The agreement calls for Hanesbrands to purchase up to $375,000 of CRAiLAR Flax fiber between December 1, 2010 and early 2011.
Ken Barker, CEO of Naturally Advanced Technologies, said, "We are excited to move to this next level in our commercialization plans. Our partnership with Hanesbrands has proven to be a truly collaborative effort. We believe this next step is a significant validation of our technology and we look forward to bringing CRAiLAR Flax fiber to consumers in 2011."
Hanesbrands is a leading marketer of everyday basic apparel under some of the world's strongest apparel brands. Mike Faircloth, Hanesbrands senior vice president of supply chain said, "We are encouraged by our spinning tests with CRAiLAR Flax fiber and believe that our continued investment in this process will accelerate development of the commercialization process."
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from flax and other bast fibers. The Company, through its wholly owned subsidiary, CRAiLAR(r) Fiber Technologies Inc., is developing proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products, in collaboration with Canada's National Research Council and the Alberta Innovates -- Technology Futures (formerly the Alberta Research Council). CRAiLAR(r) technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers such as hemp and flax, resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications. The Company was founded in 1998 as a provider of environmentally friendly, socially responsible clothing and adheres to a "triple bottom line" philosophy, respecting the human rights of employees, the environmental impact of the Company's operations and fiscal responsibility to its shareholders. See www.naturallyadvanced.com for more information on the patented CRAiLAR Flax process.
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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 Naturally Advanced Technologies Inc.