PORTLAND, OR, April 27 /CNW/ - Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF, TSXV: NAT) and Hanesbrands Inc. (NYSE: HBI) jointly reviewed the results of the CRAiLAR(R) Organic Fibers spinning trials and have agreed to enter the final stage of their joint development agreement, which is expected to result in a commercialization agreement in the near future.
As announced on Monday, April 19th, NAT completed its full scale commercial processing trials in Germany and replicated the trials at the G.J. Littlewood & Son processing facility in Pennsylvania. Spinning trials, which were conducted at Patrick Yarns in Kings Mountain, NC, verified the commercial quality and volume capabilities of CRAiLAR Organic Fiber to be spun with finer yarn weights blended with 80% cotton and 20% CRAiLAR Organic Fiber.
"The CRAiLAR Organic Fibers trial results exceeded our expectations, and we are eager to move forward to determine the size and scope necessary for volume production," said Mike Faircloth Senior Vice President , Global Supply Chain Support of Hanesbrands Inc. "The impressive characteristics of CRAiLAR Organic Fibers could potentially deliver both economic and environmental benefits to our knit apparel offerings."
Ken Barker, CEO of Naturally Advanced Technologies Inc. stated, "Our successful commercial quality and volume spinning trials have solidified the commercialization potential for CRAiLAR Organic Fibers. We will be working closely with Hanesbrands to conduct a consumer and economic analysis, including the development of a commercially viable supply chain, economic, marketing and branding strategies, which will determine the scale necessary to produce CRAiLAR at commercial levels. Following this analysis, we expect to finalize a commercialization agreement. We are well on our way to achieving full blown production of CRAiLAR in 2010."
Originally announced on August 4, 2009, NAT and Hanesbrands, Inc. entered a multi-phase joint development agreement to commercialize CRAiLAR Organic Fibers, allowing CRAiLAR Organic Fiber technology to be processed for use in commercial apparel knit products made by Hanesbrands.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from hemp and other bast fibers. The company, through its wholly owned subsidiary, Crailar 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 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
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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 CRAiLAR Technologies Inc.
For further information: For further information: Press Contact: Megan Roarty, Organicworks PR, (212) 253-0474, Megan@organicworkspr.com; Investor Contact: Kirsten Chapman, Cathy Mattison, Lippert, Heilshorn & Associates, (415) 433-3777, firstname.lastname@example.org