News Flash

Naturally Advanced Technologies Q1 net loss widens

15 May '06

2 min read

Naturally Advanced Technologies Inc, a leading provider of sustainable, environmentally- friendly fibers and fabrics, announced financial results for the three-month period ending March 31st 2006.

"Our overarching goal is to deliver value to the environment, our shareholders and our employees through the proliferation of sustainable fibers," stated Jerry Kroll, CEO of Naturally Advanced Technologies.

"Ten years ago we began our commitment by founding HT Naturals, a line of eco-friendly sportswear made of hemp. Last year, we identified CRAILAR, a proprietary technology developed to reduce the cost of producing sustainable fabric and composites using hemp, soy and bamboo. Now, our objective is to leverage HT Naturals to attract environmentally-conscious buyers, field test CRAILAR produced fabrics, and support the commercialization of CRAILAR," Kroll added.

For the first quarter, sales, which represent revenue from HT Naturals, were $285,200, up 60 percent compared to $178,600 in the year ago quarter. Net loss for the quarter ended March 31st 2006 was $324,800, or $0.02 per share. This compared to a net loss of $46,700, or $0.00 per share, for the quarter ended March 31st 2005.

"In conjunction with growing our HT Naturals division, we are in the process of patenting CRAILAR. After which, we intend to license our technology. Our first target is the composites industry: our unfinished lightweight fiber's superior strength makes it an attractivenatural replacement for fiberglass in reinforced plastic construction items,” he added.

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