118 year-old multi-national company will use CRAiLAR fiber for
innovation in sustainable apparel, focus on Japanese consumer
VICTORIA, BC AND PORTLAND, OR, Jan. 11, 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 signed a
fiber supply agreement with Japan-based Kowa Company. Kowa Company was
founded in 1894 as a cotton wholesaler, and has since grown into a
multi-national corporation at the center of the Kowa Group, which operates in textiles, consumer products, pharmaceuticals, life
sciences, machinery and other disciplines. Kowa previously evaluated
finished CRAiLAR fiber for use in its lifestyle business, encompassing
fashion, active apparel, and domestic goods. The Company will begin
fulfilling orders from Kowa beginning this quarter.
"We are pleased to be working with Kowa Company as it gives CRAiLAR a
strategic opportunity to demonstrate what 118 years of experience can
bring to the advancement of sustainably in textiles, fabric and apparel
in one of the world's most discerning apparel and consumer product
markets," said Ken Barker, CEO of CRAiLAR Technologies. "Further, it
provides CRAiLAR another direct entry point into Asia that complements
our current global partners, expands our footprint, and points toward
our long-term goal of a global supply chain."
One of Kowa's primary areas of focus is its lifestyle business, where it
seeks to unite ecology and fashion in materials for finished goods in
apparel, in-home, sports, and other consumer lifestyle categories. One
of its primary brands, Tenerita, is a premier in-home sustainable brand
sold in Japan and elsewhere.
Broadly, the Kowa Group employs highly-advanced, corporate-wide
environmental objectives outlined by the International Organization for Standardization in ISO 14001, a voluntary family of standards that exists to help
organizations minimize negative affect the environment, comply with
applicable laws, regulations, and other environmentally oriented
requirements, and continually improve in each area.
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