CRAiLAR Technologies Inc. (TSXV:CL) (OTCBB:CRLRF) to Produce Flax Fiber at New South Carolina Facility - Video Posted on www.InvestmentPitch.com
Vancouver, British Columbia, November 30, 2012 - CRAiLAR Technologies Inc. (TSXV:CL) (OTCBB:CRLRF) , announced that its first full-scale North American manufacturing facility, located in South Carolina, will begin operations on December 17, 2012.
CRAiLAR, previously known as Naturally Advanced Technologies, produces cost-effective and environmentally sustainable natural fiber in the form of flax, hemp and other fibers for use in textile, industry, energy, medical and composite material applications.
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As a crop, flax is a hearty annual plant that grows to an average height of 36 to 42 inches and is ready to harvest 90 to 120 days after planting. It can be grown throughout North America, flourishing in areas with heavy textured, fertile soil and requiring fewer inputs than cotton to thrive.
Produced using a fraction of the water and chemicals used in the production of other natural fibers, CRAiLAR Flax is used primarily as a complement to cotton today, and aims to supplement the impending gap in the fiber industry caused by the increased use of cotton and other natural fibers in emerging global markets.
The company supplies its flax to such household names as Levi Strauss, HanesBrands and Georgia-Pacific.
"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," stated Ken Barker, the company's CEO.
During the company's October investor update call, Barker outlined new development activities with global leaders in sportswear and home furnishings, two previously untapped categories, that it expects to migrate to commercialization in 2013.
The company anticipates production of 150,000 pounds of flax fiber 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, the company anticipates expanding production capacity by 600,000 pounds per week, bringing production to more than 1 million pounds per week.
The company also announced that it entered into an agreement with Difference Capital Funding (TSXV:DCF), whereby Difference Capital will provide strategic public market support and financial advice. Difference Capital is a publicly listed merchant bank, focused on creating shareholder value through strategic investment in, and advisory services for, non-resource growth companies.
Difference Capital recently raised approximately $54 million, so we should expect to see a continuing number of investments announced in the future. For further information on Difference Capital and its portfolio of investee companies, please visit www.differencecapital.com..
CRAiLAR is currently trading at $2.15 and with 44 million shares outstanding, is capitalized at approximately $95 million.
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Source: InvestmentPitch via Thomson Reuters ONE
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