CRAiLAR Technologies to Begin Production December 17
Milestone Takes Company From Construction to Operations, Focus on
Partner Order Delivery, Innovation Ahead
VICTORIA, BC and PORTLAND, OR, Nov. 28, 2012 /PRNewswire/ – CRAiLAR
Technologies Inc. (“CL” or the “Company”) (TSXV: CL) (OTCBB: CRLRF)
confirmed on Wednesday that it will commission the Company’s first
full-scale manufacturing facility for CRAiLAR Flax Fiber on December
17, 2012. Announced on its investor call in October, the timeline
remains in place to begin production of its sustainable,
performance-driven flax fiber at the new Pamplico, South Carolina
facility. Currently, it is supplying the product to HanesBrands,
Target, Georgia-Pacific and others.
“We are pleased to be on schedule with the timeline we put forth in
October, and thrilled to turn the power on and move into production
before the end of the year,” said Ken Barker, CEO of Crailar
Technologies. “This milestone will put us on course for significant
developments for CRAiLAR Flax Fiber and its global brand partners in
Production Output Projections
The Company plans to tier its output at the facility beginning with an
anticipated 150,000 lbs. per week in January, increasing to 300,000
pounds per week in February, and then to level off in the short-term at
450,000 pounds per week thereafter. By the end of 2013, it anticipates
the commissioning of expanded production capacity at the facility of
600,000 lbs. per week, and to achieve a total production capacity of
more than one million pounds of CRAiLAR Flax Fiber per week by year-end
Partner Brand Updates
During the Company’s October investor update call, Barker outlined new
development activities with iconic global leaders in sportswear and
home furnishings, two previously untapped categories for Crailar
Technologies, that it expects to migrate to commercialization in 2013.
A transcript of that call is available to download at crailar.com/investors.
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 best 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, and Target Corp. 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.