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Naturally Advanced Technologies Inc. (NAT) (OTCBB: NADVF) (TSXV: NAT), which produces and markets one of the first new natural fibers in decades, CRAiLAR®, announced it will partner with Tuscarora Yarns, one of the world's premier yarn innovators, to explore a host of new blended yarns using CRAiLAR Flax.
Under the terms of the non-exclusive, non-transferable license, Tuscarora Yarns will design and manufacture highly specialized CRAiLAR Flax fiber yarns and related products for sale and distribution to third party licensees of CRAiLAR.
"Tuscarora is one of the most innovative yarn spinners in the world, and has the ability to prepare us for entry into several unexplored categories such as couture fashion, sports performance, extreme weather gear, and certain sectors of home furnishings," said Ken Barker, CEO of NAT. "This agreement will seek to push the applications of CRAiLAR beyond our first phase of cotton blending and establish new market sectors for this unique and sustainable natural fiber."
The proprietary CRAiLAR enzymatic process, developed by Vancouver-based NAT in conjunction with the National Research Council of Canada, turns natural bast fibers—such as flax, hemp, jute, and kenaf - into soft, finished textiles that are as comfortable as cotton, but more durable and eco-friendly. The result is a product that can integrate with existing technology for spinning, weaving, or forming fabric, which can be used across categories such as apparel, footwear, work wear, and domestic textiles. Additionally, CRAiLAR can be used for a number of industrial applications. Since March 2011, NAT has announced commercialization or development agreements for CRAiLAR Flax fiber with HanesBrands, Georgia-Pacific, Levi Strauss & Co., Cintas, Carhartt, Ashland, Westex, Brilliant Global Knitwear and Target.
About Tuscarora Yarns Tuscarora Yarns is a maker of specialty yarns headquartered in Mt. Pleasant, N.C. The company has been a reliable resource for the apparel and textile industry since 1899. Tuscarora is one of the leading manufacturers of heather and mélange yarns in the world. The company also serves the automotive and home furnishings markets. For more information about the company, please visit www.tuscarorayarns.com.
About Naturally Advanced Technologies Inc. Naturally Advanced Technologies Inc. develops renewable and environmentally sustainable biomass resources from flax, hemp and other bast fibers. The Company, 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. CRAiLAR technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers 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. For more information, visit 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.|
The Ministry of Commerce and the Ministry of Finance in Pakistan have reportedly opposed procurement of one million bales of cotton from ginners, arguing that market forces should be allowed to determine cotton prices in the country, sources close to the Textile Minister told Business Recorder.Pakistan Cotton Ginners Association (PCGA) had submitted a representation to Prime Minister Yousuf Raza Gilani, regarding their problems.
Finance Minister Dr Abdul Hafeez Shaikh desired consultation with relevant stakeholders held and proposals developed for consideration of the ECC of the Cabinet.The sources said during 2010-11, cotton prices were extraordinarily high in local and global markets, which created high expectations among stakeholders.During 2006-10, average seed cotton (Phutti) price stood at Rs 1535/40-kg, compared to Rs 4030/40-kg, in 2010-11.
Similarly, cotton lint price was Rs 3800/40-kg compared to Rs 9647/40kg.During 2011-12 though prices have been much lower than last year (almost 50%) but these are still at par or better than the average price of the previous four years (2006-10).This lower production is on account of losses of over 2 million bales due to floods, particularly in Sindh.
However, decreased demand from both local industry and exporters has resulted in accumulation of stocks at ginneries as high as over 1.45 million bales.It is also to be noted that as of January 15, over 12.82 million bales have arrived in the market, the sources added.A consultative meeting with representatives of growers, PCGA, Karachi Cotton Association (KCA), All Pakistan Textile Mills Association (Aptma), Commerce, Finance, and the Planning Division was held on December 28, 2011.
The main points raised by the stakeholders are as follows: (i) PCGA stated that over 2 million cotton bales are lying with ginners, and an additional 2 million bales are yet to arrive from farmers.The lifting of stocks by spinners is also slow.The prices of cotton lint have been in the lower range from Rs 5000/-to Rs 5500/- per maund.
PCGA has requested the government to procure one million bales of cotton lint at Rs 6500/- per bale to provide relief to farmers and ginners; (ii) KCA and Aptma are of the opinion, that free market policy should continue and no government intervention was needed.Cotton enjoys the status of zero duty and 422,000 bales have already been purchased for exports.They also pointed out that only a small percentage of cotton crop (less than 10%) is available with growers.
Any intervention at this stage will not benefit farmers.In case government intervenes, the Trading Corporation of Pakistan (TCP) should procure cotton through open tender from both ginners and spinners; and (iii) growers proposed that TCP should be inducted in procuring cotton of prescribed specification to ensure quality.
Growers stated that Phutti remains available at the farms till February.Phutti already delivered to ginners have not been fully paid for.Procurement by TCP will stabilise the prices.In case there is no intervention, it is feared that there will be less cultivation of cotton in the next season.However, no consensus was reached due to different viewpoints of stakeholders.
The Ministry of Textile Industry, sources said, has submitted two options to the top economic decision making body ie ECC.Option A:(i) The free market policy should continue and market forces may determine the cotton prices in the country keeping in view the supply and demand including for export purposes; (ii) to facilitate procurement of cotton bales from the local market, the State Bank of Pakistan (SBP) may extend credit limits and repayment period for ginners, exporters and spinners; and (iii) export of raw cotton be facilitated by simplifying the procedure of registration of export sale contracts with TDAP.Option B: (i) the ECC may fix the support price of seed cotton (Phutti) at Rs 2400.00 /40kg for 2011-12 season as determined by the Agriculture Policy Institute; (ii) the ECC may approve, in principle, procurement of upto one million bales of newly arrived cotton lint (base grade 3 in 170-kg standard size bale) through TCP.In the first phase, 200,000 bales only be procured: (iii) the Ministry of Commerce may work out the cotton lint price for procurement operation based on support price of seed cotton of Rs 2400/40-kg; (iv) the Finance Division may allocate sufficient funds to TCP for procurement of 200,000 bales of cotton lint in the first phase; and (v) a committee comprising secretaries finance, commerce, textile industry and chairman TCP may review the subsequent procurement on the basis of market situation.|
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Jahangir Alamin, president of Bangladesh Textile Mills Association, speaks at a discussion at The Daily Star Centre in Dhaka yesterday. BTMA vice presidents Engineer Ahmed Ali and MA Zaher; BTMA Secre
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