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Hemptown secures $1.4 million funding (USD)

 
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Ferre
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PostPosted: Fri Sep 30, 2005 2:13 am    Post subject: Hemptown secures $1.4 million funding (USD) Reply with quote

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Hemptown secures $1.4 million funding (USD)


ADVANCED TRIALS OF BIOTECH FIBER PRODUCT BEGIN

VANCOUVER, Sept. 27 /CNW/ - Hemptown Clothing Inc. (NASD OTCBB: HPTWF), a
leading provider of environmentally responsible natural fibers and bio-
technical eco-textile research, announced today the acquisition of USD $1.4
Million of equity financing.
$1.3 million will be put into Hemptown's subsidiary Crailar Fiber
Technologies Inc., and will be used to begin trials on its advanced natural
fiber "Crailar(TM)".
The remainder of the funds will be put into general operations and
marketing at the parent company, Hemptown Clothing Inc.
In 2004 the Company secured a collaboration agreement with the National
Research Council of Canada (NRC) to expand its research with a biotech
development of an enzyme that would unlock the economic potential of
industrial hemp fiber as a cost competitive alternative to cotton. The name of
this technology is called "Crailar(TM)".
Crailar is being developed as an advanced, organic, eco friendly natural
fiber, capable of a multitude of commercial applications due to its strength,
softness and flexibility. The Company has begun working on licensing
agreements to bring the new fabrics to market through a select number of top
level manufacturing firms.
Jerry Kroll, CEO of Hemptown, commented, "We have produced some very
exciting results in the laboratory recently, and will now produce larger
amounts of Crailar fiber which will be tested as spun fiber for textiles, as
well as shorter fiber for use in advanced natural composite materials. It is
now possible for us to run these pilot plant quantities of Crailar for these
tests, and potentially even some low volume production runs in Canada and
elsewhere to begin cashflow on fiber. This will allow our Crailar customer
prospects to begin slowly introducing the fiber into their product mixes, and
then purchase ongoing quantities from our licensees or our own Crailar
production facilities."


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