GREY:NADVF - Post by User
Post by
Profitic1on Dec 01, 2010 9:08pm
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Post# 17786984
Supply deal
Supply dealI guess this is good news.
However, the small size of the order doesn't exactly demonstrate a strong commitment from Hanes.
Naturally Advanced signs supply deal for Crailar flax
Naturally Advanced Technologies Inc (C:NAT)
Shares Issued 35,288,202
Last Close 11/29/2010
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Wednesday December 01 2010 - News Release
Mr. Ken Barker reports
NATURALLY ADVANCED TECHNOLOGIES, INC. ENTERS INTO SHORT-TERM CRAILAR FLAX FIBER SUPPLY AGREEMENT
Naturally Advanced Technologies Inc. has entered into a short-term supply agreement with Hanesbrands Inc. starting in December, 2010, for the continued development of Crailar flax fibre. 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."
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