PORTLAND, April 13
/PRNewswire-FirstCall/ - Naturally Advanced Technologies Inc. (NAT,
OTCBB: NADVF, TSXV: NAT), reported results for its fourth quarter
and year ended December 31, 2009.
"We are excited about our progress with Hanesbrands, Inc.
following our August 2009 joint
development agreement," stated Ken
Barker, NAT's CEO. "First, we completed a series of small
scale spinning tests that delivered very positive results. Next, we
secured an initial purchase order from Hanesbrands for 10,000 lbs.
of CRAiLAR(R). For the past three months, we have been working
closely with our partners on a full-scale trial in Germany using our proposed manufacturing
equipment supplier. Upon successful conclusion of the trials and
evaluation of the results, NAT will be in a position to arrive at
commercialization terms. We are committed to achieving full blown
production of CRAiLAR in 2010."
In 2009, the company shuttered its non-core apparel business. On
October 1, 2009, NAT became
classified as a development stage company for accounting purposes.
As such, in the company's consolidated financial statements,
revenue from CRAiLAR is accounted for as other income net cost of
goods sold and the apparel business is classified as discontinued
operations. The closing of the apparel business has reduced overall
operating expenses.
For the year ended December 31,
2009, net loss was $3.9
million, of which $3.2 million
was attributed to continuing operations and $660,000 was from discontinued operations. The
2009 net loss included $163,000 for
equipment write down, $482,000 of
research and development for CRAiLAR, and $816,865 of stock-based compensation. This
compared to 2008 net loss of $3.4
million, of which $3.1 million
was attributed to continuing operations and $252,000 was from discontinued operations,
including $548,000 of research and
development for CRAiLAR, $155,000 of
listing expenses, and $672,000 of
stock-based compensation. 2009 net loss per share was $0.12, compared to a $0.12 net loss per share for 2008.
As of December 31, 2009, NAT had
$421,000 in cash and cash
equivalents.
The company's unaudited consolidated financial statements for
its fourth quarter ended December 31,
2009 were prepared in accordance with U.S. generally
accepted accounting principles and all currency amounts are
presented in U.S. dollars.
About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc. is committed to unlocking
the potential of renewable and environmentally sustainable biomass
resources from hemp and other bast fibers. The company, through its
wholly owned subsidiary, Crailar 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 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
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.