0001183740-14-000038.txt : 20140210 0001183740-14-000038.hdr.sgml : 20140210 20140207195155 ACCESSION NUMBER: 0001183740-14-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140206 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140210 DATE AS OF CHANGE: 20140207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CRAILAR TECHNOLOGIES INC CENTRAL INDEX KEY: 0001210294 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-APPAREL & ACCESSORY STORES [5600] IRS NUMBER: 980359306 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50367 FILM NUMBER: 14585883 BUSINESS ADDRESS: STREET 1: SUITE 305-4420 CHATTERTON WAY CITY: VICTORIA STATE: A1 ZIP: V8X 5J2 BUSINESS PHONE: 250-658-8582 MAIL ADDRESS: STREET 1: SUITE 305-4420 CHATTERTON WAY CITY: VICTORIA STATE: A1 ZIP: V8X 5J2 FORMER COMPANY: FORMER CONFORMED NAME: NATURALLY ADVANCED TECHNOLOGIES INC DATE OF NAME CHANGE: 20060330 FORMER COMPANY: FORMER CONFORMED NAME: HEMPTOWN CLOTHING INC DATE OF NAME CHANGE: 20021214 8-K 1 f8k.htm F8K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

February 6, 2014
Date of Report (Date of earliest event reported)

 

CRAILAR TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

 

British Columbia

000-50367

98-0359306

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

305-4420 Chatterton Way

Victoria, British Columbia

 

V8X 5J2

(Address of principal executive offices)

 

(Zip Code)

 

(250) 658-8582
Registrant's telephone number, including area code

 

Not applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[     ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[     ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[     ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[     ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

__________


SECTION 8 - OTHER EVENTS

Item 8.01       Other Events

On February 6, 2014, Crailar Technologies Inc. (the "Company") issued a press release (the "Press Release") announcing that it has received a favorable US Customs classification and tariff ruling that could provide substantial duty savings on imported products blending CRAiLAR® Flax, and that CRAiLAR® Flax has been awarded high marks in the MADE-BY Environmental Benchmark for Fibers.

A copy of the Press Release is attached as Exhibit 99.1 hereto.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01       Financial Statements and Exhibits

(a)       Financial Statements of Business Acquired

Not applicable.

(b)       Pro forma Financial Information

Not applicable.

(c)       Shell Company Transaction

Not applicable.


(d)       Exhibits

Exhibit

Description

99.1

Press release dated February 6, 2014

 

- 2 -


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CRAILAR TECHNOLOGIES INC.


Date: February 7, 2014


/s/ Theodore Sanders                          
Name:    Theodore Sanders
Title:      Chief Financial Officer

   

__________

 

 

- 3 -

EX-99.1 2 ex99-1.htm PRESS RELEASE EX99-1

 

 

For Immediate Release

 

Media Contact:
Jay Nalbach, CMO
(503) 387-3941
pr@crailar.com

Investor Relations Contact:
Ted Sanders, CFO
(503) 387-3941
ir@crailar.com

 

CRAiLAR® Flax Fibers Receives Favorable US Customs Ruling,
Achieves High Environmental Benchmark Ranking

VICTORIA, BC and PORTLAND, OR, Feb. 6, 2014 /CNW/ - CRAiLAR Technologies Inc. (TSXV: CL) (OTCQB: CRLRF), which produces and markets CRAiLAR® Flax fiber The Friendliest Fiber On The Planet™, announced that it has received a favorable US Customs classification and tariff ruling that could provide substantial duty savings on imported products blending CRAiLAR® Flax, and that CRAiLAR® Flax has been awarded high marks in the MADE-BY Environmental Benchmark for Fibers.

US Customs recently released a binding ruling designating CRAiLAR® Flax as a natural fiber that is neither synthetic nor man-made. This ruling provides for potentially significant duty savings on imported products that contain CRAiLAR® Flax. To facilitate higher blending levels eligible for lower duties, the company is proud to announce that because of improved fiber quality coming from its European facility, independent spinners are regularly producing yarns with 60% CRAiLAR® Flax content with significantly less spinning waste. Dependent upon product type, these developments allow manufacturers to save up to 84% of current tariffs when CRAiLAR® Flax fiber is the majority content of the product.

The applicable subheading for CRAiLAR® Flax fibers will be 5301.21.0000, Harmonized Tariff Schedule of the U.S. (HTSUS). The text of the most recent HTSUS and the accompanying duty rates are provided at http://www.usitc.gov/tata/hts/

MADE-BY's benchmarks provide industry leading information that takes a clear and informed approach to fiber and social classification. The Benchmarks have been used extensively by international brands including H&M, G-Star and Tommy Hilfiger when approaching their sustainable fabric and social standards strategies. CRAiLAR Flax Fiber's sustainability is ranked along side organic cotton and Lenzing's Tencel®. To view and download the new MADE-BY Environmental Benchmark, please go to http://www.made-by.org/benchmarks/environmental

"The combination of CRAiLAR's industry leading environmental ranking, US Customs ruling, plus the realization of majority blend level percentages, with fiber quality resulting from our new European facility, all culminate in the company providing a cost effective and sustainable natural fiber solution to our customers and consumers worldwide.", said Ken Barker, CEO. "These achievements greatly enhance CRAiLAR's profile and opportunity for inclusion into products which span countless uses throughout the global marketplace."

In accordance with the terms and conditions of certain Amended and Restated Promissory Notes, each dated for reference effective on January 21, 2014, as entered into between the Company and the following directors of the Company and respecting the following principal amounts advanced at the following times and at the following interest rates on an original short-term basis: Jason Finnis (as to CAD$50,000 on October 11, 2013 at 12% per annum), Kenneth Barker (as to US$50,000 on October 11, 2013 at 12% per annum) and Robert Edmunds (as to CAD$545,000 on October 11, 2013 and December 4, 2013 at 20% per annum) (each a "Lender" and a "Loan"); the Company, with the consent of the Lenders, and as a condition precedent to the completion of the Company's recent private placement of CAD$2,000,000 which closed effective on December 20, 2013, amended the pre-existing Loan arrangements with each of the Lenders whereby each Lender therein agreed to extend the term for repayment of their respective Loans and related interest until the earlier of (i) December 20, 2014 and (ii) such time as the Company completes its next public offering of registered securities by way of a registration statement of not less than CAD$3,000,000 in gross proceeds to the Company (each a "Loan Extension").

On January 30, 2014, and, in part, as consideration for the Company's Loan Extension with Mr. Edmunds, the Company issued 181,666 common shares to Mr. Edmunds, at a deemed issuance price of CAD$0.60 per common share. These common shares have not been and will not be registered under the U.S. Securities Act, or under the securities laws of any state of the United States and are "restricted securities" as defined under Rule 144(a)(3) of the U.S. Securities Act and contain the appropriate restrictive legends as required under the U.S. Securities Act, Canadian Securities Administrators National Instrument 45-102 and as required by the TSX Venture Exchange.

About CRAiLAR Technologies Inc.

CRAiLAR(R) 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 IKEA, HanesBrands, Georgia-Pacific, Tuscarora Yarns, Target Corp., Cone Mills Cotswold Industries and Kowa Company for commercial use, and to Levi Strauss & Co., Ashland, PVH Corp. 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.

Safe Harbor Statement

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 materially from those reflected in the forward-looking statements or information and including, without limitation, risks and uncertainties relating to: completion of a definitive agreement and acquisition of the European Wet Processing facility, 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.

 

 

 

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