HANESBRANDS INC. TO MAKE UPFRONT PAYMENTS FOR
CRAILAR FLAX FIBER TO BE DELIVERED IN 2011.
PORTLAND, Dec. 1
/PRNewswire/ - Naturally Advanced Technologies, Inc. (OTC: NADVF,
TSXV: NAT) today announced that it has entered into a short-term
supply agreement with Hanesbrands Inc. starting in December 2010 for the continued development of
CRAiLAR Flax fiber.
The companies recently completed spinning trials
using the CRAiLAR flax fibers, and the supply agreement allows for
Hanesbrands to pre-purchase CRAiLAR Flax fiber from Naturally
Advanced Technologies for additional product testing. The agreement
calls for Hanesbrands to purchase up to $375,000 of CRAiLAR Flax fiber between
December 1, 2010 and early 2011.
Ken Barker, CEO of
Naturally Advanced Technologies, said, "We are excited to move to
this next level in our commercialization plans. Our partnership
with Hanesbrands has proven to be a truly collaborative
effort. We believe this next step is a significant validation
of our technology and we look forward to bringing CRAiLAR Flax
fiber to consumers in 2011."
Hanesbrands is a leading marketer of everyday basic
apparel under some of the world's strongest apparel brands.
Mike Faircloth, Hanesbrands senior
vice president of supply chain said, "We are encouraged by our
spinning tests with CRAiLAR Flax fiber and believe that our
continued investment in this process will accelerate development of
the commercialization process."
About Naturally Advanced Technologies
Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the
potential of renewable and environmentally sustainable biomass
resources from flax 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(r) 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. See www.naturallyadvanced.com for more information on
the patented CRAiLAR Flax process.
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.
SOURCE Naturally Advanced Technologies Inc.
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