Naturally Advanced Technologies receives $263K grant from Florence County, S.C.
COMMISSIONING OF FACILITY TO COMMENCE, DECEMBER 17, 2012
VICTORIA, BC and PORTLAND, OR, Oct. 29, 2012 /PRNewswire/ – Naturally Advanced Technologies Inc. (“NAT” or the “Company”) (TSXV: NAT) (OTCBB: NADVF), which produces and
markets CRAiLAR® Flax Fiber, was recently granted $263,500 in
incentives from Florence County, South Carolina to be used for its
manufacturing and production in the region.
NAT is opening a facility in the 143,500 square foot former Delta Mills
Cypress plant on Old River Road in Pamplico, South Carolina.
Commissioning of the assembled equipment will commence December 17. An
initial USD $8 million investment creating 25 jobs is part of the
Company’s plans there. Flax, grown as a winter crop in Florence and
surrounding counties, will be processed out of the new facility
beginning December 28, 2012.
“We are thrilled about our progress in Florence County and look forward
to having a fully operating facility there this December,” said Ken
Barker, CEO of NAT. “The region has been exemplary to deal with from
state to county and we are thankful to Florence for honoring its
commitment to developing the business in South Carolina.” NAT has
received all containers of manufacturing equipment and its engineering
team is making quick progress at the facility. The Company is providing
ongoing updates, including photos, at its blog, located at crailar.com/blog.
Many statewide and regional economic development officials voiced their
support, including South Carolina Governor Nikki Haley, Secretary of
Commerce Bobby Hitt, and Commissioner of Agriculture Hugh Weathers.
“I am so happy companies from around the world continue to identify
Florence County as the place to be,” Senator Hugh K. Leatherman said
this week. “These 25 new jobs in Pamplico represent untold
opportunities for our neighbors, families and friends, and I have
absolutely no doubt CRAiLAR will be a great corporate citizen for our
“Florence County Council has made economic development one of its top
priorities and every new job is a step in the right direction as we
continue to march forward,” said Florence County Council Chairman, K.G.
“Rusty” Smith. “Without question, we are excited about this new
industry that NAT brings to our county.”
“The Florence County Economic Development Partnership realizes the
importance of adding jobs and investment all over the county. We fully
support them in their start up efforts and look forward to their
continued growth,” added Dr. Charles Gould, Chairman, Florence County
Economic Development Partnership.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc., through its wholly owned
subsidiary, CRAiLAR® Fiber Technologies Inc., has developed proprietary
technologies for production of bast fibers, cellulose pulp, and their
resulting by-products in collaboration with Canada’s National Research
Council. Its renewable and environmentally sustainable biomass
resources from flax, hemp and other bast fibers offer cost-effective
and environmentally sustainable processing and production, along with
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. For more information, visit www.naturallyadvanced.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 NAT believes
that the expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because NAT 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 NAT might change if the board of directors of
NAT determines that it would be in the best interests of NAT 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 NAT 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 Naturally Advanced Technologies Inc.