COMMISSIONING OF FACILITY TO COMMENCE, DECEMBER 17, 2012
Oct. 29, 2012
Naturally Advanced Technologies Inc.
("NAT" or the "Company") (TSXV: NAT) (OTCBB: NADVF), which produces and markets CRAiLAR® Flax Fiber, was recently granted
in incentives from
Florence County, South Carolina
to be used for its manufacturing and production in the region.
NAT is opening a facility in the 143,500 square foot former
Delta Mills Cypress
plant on Old River Road in
Pamplico, South Carolina
. Commissioning of the assembled equipment will commence
An initial USD
investment creating 25 jobs is part of the Company's plans there. Flax, grown as a winter crop in
and surrounding counties, will be processed out of the new facility beginning
December 28, 2012
"We are thrilled about our progress in
and look forward to having a fully operating facility there this December," said
, CEO of NAT. "The region has been exemplary to deal with from state to county and we are thankful to
for honoring its commitment to developing the business in
." NAT has received all containers of manufacturing equipment and its engineering team is making quick progress at the facility. The Company is providing ongoing updates, including photos, at its blog, located at
Many statewide and regional economic development officials voiced their support, including
, Secretary of Commerce
, and Commissioner of Agriculture Hugh Weathers.
"I am so happy companies from around the world continue to identify
as the place to be," Senator
Hugh K. Leatherman
said this week. "These 25 new jobs in
represent untold opportunities for our neighbors, families and friends, and I have absolutely no doubt CRAiLAR will be a great corporate citizen for our area!"
"Florence County Council has made economic development one of its top priorities and every new job is a step in the right direction as we continue to march forward," said Florence County Council Chairman,
K.G. "Rusty" Smith
. "Without question, we are excited about this new industry that NAT brings to our county."
"The Florence County Economic Development Partnership realizes the importance of adding jobs and investment all over the county. We fully support them in their start up efforts and look forward to their continued growth," added Dr.
Economic Development Partnership.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc., through its wholly owned subsidiary, CRAiLAR® Fiber Technologies Inc., has developed proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products in collaboration with
National Research Council
. Its renewable and environmentally sustainable biomass resources from flax, hemp and other bast fibers offer cost-effective and environmentally sustainable processing and production, along with 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. For more information, visit
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 NAT believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because NAT 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 NAT might change if the board of directors of NAT determines that it would be in the best interests of NAT 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 NAT 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 Naturally Advanced Technologies Inc.