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
June 1, 2015
Date of Report (Date of earliest event reported)
CRAILAR TECHNOLOGIES INC.
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British Columbia |
000-50367 |
98-0359306 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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305-4420 Chatterton Way |
V8X 5J2 |
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(Address of principal executive offices) |
(Zip Code) |
(250) 658-8582
Not applicable
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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SECTION 7 - REGULATION FD DISCLOSURE
Item 7.01 Regulation FD Disclosure
On June 1, 2015, Crailar Technologies Inc. (the "Company") issued a news release (the "News Release") announcing that its Board of Directors has established a special committee, comprised of the three independent members of the Board, to oversee the process to identify, examine and consider strategic and financial alternatives available to the Company.
A copy of the News 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.
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Exhibit |
Description |
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99.1 |
News Release dated June 1, 2015. |
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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.
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CRAILAR TECHNOLOGIES INC. |
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CRAiLAR Announces Formation of Special Committee
Victoria B.C
. (June 1, 2015) CRAiLAR Technologies Inc. (the "Company") (OTCQB: CRLRF) (TSXV: CL)), which produces and markets CRAiLAR® Flax fiber The Friendliest Fiber On The Planet™, announced that its Board of Directors has initiated a process to identify, examine and consider strategic and financial alternatives available to CRAiLAR. The Board of Directors has established a special committee, comprised of the three independent members of the Board, to oversee the process. Management and the Board of Directors are committed to acting in the best interests of the Corporation and all its stakeholders.It is the Corporation's current intention to reduce operating overhead in all locations, and right size the manufacturing of CRAiLAR fiber as soon as practicable. CRAiLAR will continue to negotiate a replacement Material Purchase Agreement contract with Georgia Pacific, having been provided notice that its existing contract will terminate on November 22, 2015. The Corporation cautions that there are no assurances or guarantees that this process will result in any transactions or, if any transactions are undertaken, the terms or timing of such transactions.
About CRAiLAR Technologies Inc
.CRAiLAR Technologies Inc. CRAiLAR is focused on bringing cost-effective, sustainable, bast fiber-based products to market that are environmentally friendly natural fiber alternatives with equivalent or superior performance characteristics to cotton, wood or fossil fuel based fibers. The Company's business operations consist primarily of the production of its natural and proprietary CRAiLAR
® Flax fibers targeted at the natural yarn and textile industries, as well as the deployment of its CRAiLAR® processing technologies in the cellulose pulp and composites industries. 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 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.
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 release.
Investor Relations Contact:
Ted Sanders,
CFO 866-436-7869