VICTORIA, BC and PORTLAND, OR, Feb. 12, 2013 /CNW/ - CRAiLAR
Technologies Inc. ("CL" or the "Company") (TSXV: CL) (OTCBB: CRLRF),
which produces and markets CRAiLAR®, a natural fiber made from flax and other bast fibers, has entered a
development agreement with Cotswold Industries Inc. to encompass sustainable pocketing and waist banding for its
branded apparel customers. Cotswold affiliate Central Textiles, in
Central S.C., will be the primary conduit for the processing and
weaving of CRAiLAR Flax Fiber for the product line.
"We continue to identify new market opportunities for CRAiLAR that fit
into both long-term category opportunities and increased brand
awareness," said Ken Barker, CEO of CRAiLAR Technologies. "Cotswold is
exactly that kind of partner in terms of its work with global brands,
its specialization in the area we are developing with the company, and
the opportunity to grow therein."
"We are excited to help develop and market such a truly sustainable,
high strength and versatile fiber into our mass market channels," said
James McKinnon, CEO of Cotswold Industries. "Partnering with CRAiLAR
fits perfectly within our corporate strategy to be a leader in
environmentally conscious textile manufacturing."
About Cotswold Industries
Cotswold Industries is a privately held, family owned company that
provides textiles for industrial, nonwovens, apparel and technical
applications. It is supplier to dozens of brands including Levi Strauss
& Co., VF Corporation, Abercrombie & Fitch, Eddie Bauer, JC Penney,
True Religion and Lands End. It was founded in 1954 and its
headquarters are in New York City. It can be found online at cotswoldindustries.com.
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 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.
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.
For further information:
Director, Corporate Communications