CRAiLAR Fiber Technologies International Inc. completes acquisition of Intellectual Property assets from Crailar Technologies Inc., and Crailar Fibre Technologies Inc.
July 12, 2016 – VANCOUVER, British Columbia
CRAiLAR Fiber Technologies International Inc. (“CRAiLAR FTI”) is pleased to announce the acquisition of the intellectual property of Crailar Technologies Inc. and Crailar Fibre Technologies Inc., as well as completion of financing to fund immediate operational and product development efforts. The assets acquired include trademarks, trade secrets, IP and know-how related to bast fiber production from agronomics to finished products developed by Crailar Technologies Inc.
CRAiLAR FTI is comprised of the experienced leadership team of Noel Hall and Ken Hallat who will join the board of directors. In addition, CRAiLAR FTI has retained key management of Crailar Technologies Inc.
“I am extremely pleased with the acquisition of this exciting technology,” stated Ken Hallat, Chairman of CRAiLAR FTI Board of Directors. “CRAiLAR™ brings tremendous performance advantages, including superior absorbency and strength, to the non-wovens industry and has a compelling sustainability story in both the non-woven and textile markets. This acquisition allows us to leverage our strong supply chain, seasoned sales team and robust manufacturing capacity to service our global clients.”
About CRAiLAR Fiber Technologies International Inc.
CRAiLAR Fiber Technologies International Inc. is a leading producer of bast fiber-based products including flax and hemp for the non-wovens and textile markets. Our unique, environmentally friendly technology produces individualized fibers with superior, properties to cotton and other natural or man-made fibers in non-woven wiper applications. CRAiLAR™ non-woven wipes have proven to be effective in general and specialized sectors including food services, industrial and residential applications. They are fully compostable, have greater absorbency and wet strength than traditional wipes while dramatically reducing chemical and water usage.
CRAiLAR FTI is a privately held Canadian company headquartered in Vancouver, BC.