Naturally Advanced Technologies Enters Phase II Research Agreement with National Research Council of Canada
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Naturally Advanced Technologies enters Phase II Research Agreement with National Research Council of Canada
VANCOUVER, Jan. 14 - Naturally Advanced Technologies Inc. ("NAT" or the "Company") (OTCBB: NADVF), today announced that its wholly owned subsidiary CRAILAR® Fiber Technologies Inc. has entered into a Phase II Joint Collaboration Agreement ("Phase II Agreement") with the National Research Council ("NRC") of Canada for ongoing development of the Company's proprietary CRAILAR® technology for environmentally sustainable processing and production of bast fibers.
"This is an important achievement for Naturally Advanced Technologies, its partners and investors," said Ken Barker, CEO. "The signing of a second collaboration agreement with the NRC, ensures our continued strong research partnership to pursue many of the opportunities we have already identified for CRAILAR® and develop additional environmentally responsible technologies." NAT's proprietary CRAILAR® technology offers an environmentally and economically beneficial clean technology solution to the processing and production of bast fibers such as hemp and flax, resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications.
The Phase II Agreement is an extension of the Company's initial Joint Collaboration Agreement with the NRC Institute for Biological Sciences entered into in May of 2004, to develop CRAILAR® , a patentable enzyme technology for the processing of hemp fibers. The Company secured exclusive worldwide license to all technology developed under the initial agreement including a patent application for the extraction of hemp fibers filed by the NRC in May 2007. The NRC extended the initial agreement to assist in further development and commercialization of the Company's proprietary technology ensuring the continuity of the original research team and aligning CRAILAR® with the NRC National Program in Bioproducts announced in March 2007.
Under the terms of the Phase II Agreement, the Company will continue its collaboration with the NRC to develop novel enzymes for the processing of hemp fibers for the textile sector over a 3 year period that commenced in May 2007 and will conclude in May 2010. During this period, the Company will continue to invest in research, development, marketing and business development of its proprietary CRAILAR® technology. The total cost of the project is estimated at over (CAD) $3.5 million and all intellectual property developed under the agreement is available to the Company under exclusive worldwide license from the NRC.
ABOUT Naturally Advanced Technologies, Inc.
Naturally Advanced Technologies Inc. ("NAT" or the "Company") is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from hemp and other bast fibers. NAT, through its wholly owned subsidiary CRAILAR® Fiber Technologies Inc., is developing proprietary technology for production of bast fibers, cellulose pulp, and their resulting byproducts, in collaboration with Canada's National Research Council and the Alberta Research Council. CRAILAR® technology offers cost-effective and environmentally sustainable processing and production of 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 is also a provider of sustainable, environmentally friendly fibers and fabrics through its wholly owned apparel subsidiary HTnaturals Apparel Corp. Founded in 1998 in response to the growing demand for environmentally friendly, socially responsible clothing, NAT 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. www.naturallyadvanced.com
CONTACT: Kenneth C. Barker
Chief Executive Officer
Naturally Advanced Technologies, Inc.
Ph. (604) 683-8582.
ir@naturallyadvanced.com
Source: Naturally Advanced Technologies Inc.
