PORTLAND, OR, March 17 /PRNewswire-FirstCall/ - Naturally
Advanced Technologies Inc. (NAT) (OTCBB: NADVF) (TSXV: NAT) has
agreed to a ten-year CRAiLAR(R) fiber supply agreement with
Hanesbrands Inc. that will commercialize NAT's proprietary fibers.
Terms of the agreement were undisclosed. This represents NAT's
initial commercialization agreement for CRAiLAR and establishes the
foundation for continued adoption of its proprietary flax-based
fiber.
The all-natural CRAiLAR process is the first to remove the
binding agents from flax that contribute to its stiff texture by
bathing it in a proprietary enzyme wash. The result is a textile
fiber that merges the strength and durability of flax with the most
desirable attributes of cotton. Yarns made from CRAiLAR fibers can
be used in knit, woven or non-woven fabrics alone, or blended with
other natural fibers used to manufacture apparel products similar
to those marketed by Hanesbrands, a leading basic apparel company
based in Winston-Salem, N.C.
"This agreement is a strong validation of our CRAiLAR technology
and a demonstration of its ability to perform within the
Hanesbrands family," said Ken
Barker, CEO of NAT. "The Company has been working toward
this agreement since the collaborative partnership with Hanesbrands
began in August 2009, and we expect
to begin shipping to our full existing capacity beginning next
month. Hanesbrands has been an invaluable partner to our proof of
concept and we look forward to expanding our relationship with them
and others as we move forward."
CRAiLAR Flax is soft like cotton, has a similar color, possesses
similar performance traits and is comfortable to wear year-round.
CRAiLAR Flax and cotton look the same, fit the same and wash the
same. Yet CRAiLAR Flax fibers shrink less than cotton fibers, wick
moisture better, and have increased dye uptake, meaning they
require fewer chemicals to achieve the same depth of color.
The agreement is the culmination of a multiphase joint
development agreement announced in August
2009 with the intent to commercialize CRAiLAR. Hanesbrands
made its first purchase of 10,000 lbs of CRAiLAR in the first
quarter of 2010 and, after successful spinning trials, announced a
final evaluation phase in Q2 2010. In December 2010, the companies announced additional
product testing that called for Hanesbrands to purchase up to
$375,000 of CRAiLAR Flax fiber
between December 1, 2010 and early
2011.
Agricultural Research Partnership
---------------------------------
In January 2011, NAT and
Hanesbrands announced a joint research partnership with the U.S.
Department of Agriculture's Agricultural Research Service
(USDA-ARS) designed to cultivate and evaluate the viability of
various flax strains for use in CRAiLAR technology. The project
takes place in South Carolina and
has an initial term of one year, with a renewal option for two
additional years.
Naturally Advanced Technologies Inc.
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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(R) 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 Innovates
- Technology Futures (formerly the Alberta Research Council).
CRAiLAR 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. For more information, visit
www.naturallyadvanced.com.
Neither the TSX Venture Exchange Inc. nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
CONTACT: Media Contact: Ryan
Leverenz, Lew Leverenz Associates, (415) 999-1418,
ryan.leverenz@gmail.com; Investor Contact: Rick Anguilla, Guidance Counsel, (503) 820-3565,
ir@naturallyadvanced.com
SOURCE Naturally Advanced Technologies Inc.