VICTORIA and PORTLAND, March 4, 2013 /PRNewswire/ - CRAiLAR Technologies Inc. ("CRAiLAR" or the "Company") (TSXV: CL) (OTCBB: CRLRF) has named
Ted Sanders to the position of Chief Financial Officer, succeeding Guy
Prevost, effective March 1. Mr. Sanders brings 20 years of financial
management experience in publicly traded and private businesses from
startups to multi-billion dollar global companies. He will work out of
the Company's U.S. operations located in Portland, Ore. Mr. Prevost,
who has been with the Company since November 2005, will remain with
CRAiLAR in the role of Corporate Controller and Compliance Officer
based in Victoria, B.C.
Mr. Sanders brings to the CRAiLAR executive management team a proven
track record of success, most recently as CFO of U.S. Auto Parts
(NASDAQ: PRTS), where revenues doubled during his three-year tenure to
more than $325 million through organic growth and acquisition, and at
PCM Inc. (NASDAQ: PCMI), where he oversaw revenues of $1.2 billion,
acquisitions and subsidiary IPOs with a team of 60 during his 10-year
"Ted strengthens the executive management team with experience at
international publicly listed companies that saw significant growth
during his tenure. This will prove to be invaluable to CRAiLAR as we
transform into a fully operational company and evaluate our intended
listing on exchanges that provide broader access to CRAiLAR stock,"
said Ken Barker, CEO of CRAiLAR. "Guy has played an integral role in
the transformation of CRAiLAR from an organic apparel retailer to where
we stand today as the industry's only sustainable natural fiber capable
of revolutionizing the fiber industry."
In his new role, Mr. Sanders will lead strategic financial positioning
globally, both in the investment community and the industrial sector
within which CRAiLAR operates. His strong background of managing growth
companies and extensive experience with various forms of capital
financing will be a key addition to strategic growth plans for the
In accordance with Mr. Sanders' appointment he has now entered into a
services agreement with the Company and has been granted a vesting
(over 12 months) stock option to acquire up to 200,000 common shares of
the Company at an exercise price of U.S. $2.24 per common share and for
a period of up to five years from the date of grant.
Earlier this month CRAiLAR announced that it had retained MZ Group as its investor relations advisor in Canada and the U.S. for
communicating its corporate, financial and investor-related
developments to shareholders and investors, as well as expanding its
shareholder base, particularly in the United States and Canada.
About CRAiLAR Technologies Inc.
CRAiLAR® Technologies Inc. offers cost-effective and environmentally
sustainable natural fiber in the form of flax, hemp and other bast
fibers for use in textile, industrial, energy, medical and composite
material applications. Produced using a fraction of water and chemical
inputs compared with other natural fibers, CRAiLAR Flax is the newest
natural fiber introduction to the market in decades. The Company
supplies its CRAiLAR Flax to HanesBrands, Georgia-Pacific, Brilliant
Global Knitwear, Tuscarora Yarns, Target Corp. and Kowa Company for
commercial use, and to Levi Strauss & Co., Cintas, Carhartt, Ashland,
PVH Corp., Cotswold Industries and Lenzing for evaluation and
development. The Company was founded in 1998 as a provider of
environmentally friendly, socially responsible clothing. For more
information, visit www.crailar.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
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 Crailar Technologies Inc.