Naturally Advanced Technologies receives $263K grant from Florence
County, S.C.
COMMISSIONING OF FACILITY TO COMMENCE, DECEMBER 17, 2012
VICTORIA, BC and
PORTLAND, OR, Oct. 29, 2012 /CNW/ - Naturally Advanced
Technologies Inc. ("NAT" or the "Company") (TSXV: NAT) (OTCBB:
NADVF), which produces and markets CRAiLAR® Flax Fiber, was
recently granted $263,500 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 December 17. An
initial USD $8 million investment
creating 25 jobs is part of the Company's plans there. Flax, grown
as a winter crop in Florence and
surrounding counties, will be processed out of the new facility
beginning December 28, 2012.
"We are thrilled about our progress in Florence County and look forward to having a
fully operating facility there this December," said Ken Barker, CEO of NAT. "The region has been
exemplary to deal with from state to county and we are thankful to
Florence for honoring its
commitment to developing the business in South Carolina." 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
crailar.com/blog.
Many statewide and regional economic development officials
voiced their support, including South
Carolina Governor Nikki
Haley, Secretary of Commerce Bobby
Hitt, and Commissioner of Agriculture Hugh Weathers.
"I am so happy companies from around the world continue to
identify Florence County as the
place to be," Senator Hugh K.
Leatherman said this week. "These 25 new jobs in
Pamplico 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. Charles Gould, Chairman, Florence County 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
Canada's 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
www.naturallyadvanced.com.
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.