PORTLAND, OR, Nov. 6 /CNW/ - Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF, TSXV: NAT), reported results for its third quarter ended September 30, 2009.
"During the third quarter, we made significant progress in bringing our Crailar(R) technology closer to market," stated Ken Barker, NAT's CEO. "In August, we signed a multi-phase joint development agreement with Hanesbrands, Inc. and a spinning and trademark licensing agreement with Patrick Yarns. In July, we entered a manufacturing agreement with G.J. Littlewoods & Son. We also raised $916,000 in gross proceeds through a private placement to support our commercialization activities in the coming months. We remain committed to our goal of delivering initial revenue from Crailar in the fourth quarter of this year and finalizing the distribution and marketing of Crailar with our industry-leading partners. We are excited about the near-term opportunities for both our technology and our company."
For the third quarter ended September 30, 2009, the company posted revenue of approximately $112,000 from winding down the last inventory of its HTnaturals(TM) apparel business. This compares to $655,000 in the third quarter of 2008. For the third quarter ended September 30, 2009, net loss was $1.0 million, which includes approximately $89,000 of research and development for the Crailar technology platform and $361,000 of stock-based compensation, as compared to the 2008 third quarter net loss of $1.1 million, which included approximately $111,000 of research and development for the Crailar technology platform and $485,000 of stock-based compensation. Net loss was $0.03 per share for the 2009 third quarter, as compared to $0.04 per share in the third quarter of 2008.
As of September 30, 2009, NAT had $1.1 million in cash and cash equivalents.
The company's unaudited consolidated financial statements for its third quarter ended September 30, 2009 were prepared in accordance with U.S. generally accepted accounting principles and all currency amounts are presented in U.S. dollars.
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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This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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.
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