Naturally Advanced Technologies Inc. Completes Name Change to Crailar Technologies Inc.
VICTORIA, BC and PORTLAND, OR, Oct. 31, 2012 /CNW/ – Naturally Advanced Technologies Inc. (NAT) (TSXV: NAT) (OTCBB: NADVF) is pleased to announce that,
effective October 31, the company’s name will change from Naturally
Advanced Technologies Inc. to Crailar Technologies Inc.
Accordingly, and at the opening of trading on the TSX Venture Exchange
on October 31, the trading symbol for the company will change from NAT
to CL. The new CUSIP number will be 224248104 and the new ISIN number
will be CA2242481042. It is also anticipated that the trading symbol
for the company on the OTCBB will change, and the company will update
its shareholders as soon as it receives its new trading symbol from
FINRA evidencing the same. The share capital of the company remains
“We have a unique opportunity to create a single technology, single
brand entity platform which is a marketer’s dream,” said Ken Barker,
CEO of Crailar Technologies. “We’re happy to have quickly completed
this shareholder-approved strategy to change the company name to
Crailar Technologies Inc. This change gives us a redline in branding
through all corporate, technology and product applications.”
Concurrent with the change of name, the company will also be adopting
new articles in the form approved by its shareholders at its recent
annual general and special meeting, which was held on August 8. Among
other things, the new articles facilitate the use of uncertificated
shares and electronic record-keeping systems currently in use worldwide
and which are increasingly being adopted in Canada. In addition, and
as the company intends to apply to list its common shares on a senior
exchange in the U.S., it was necessary to amend its articles to
increase the quorum requirement for meetings of shareholders to
one-third of the outstanding shares of the company.
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.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 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.