CRAiLAR Technologies to Begin Production December 17
VICTORIA, BC and PORTLAND, OR, Nov. 28, 2012
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 2013."
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 2013.
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
Companysupplies 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,
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
The TSX Venture Exchange has neither approved nor disapproved the contents of
this press release.
SOURCE Crailar Technologies Inc.
Director, Corporate Communications
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