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 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 tenure.
"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 Company.
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.
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