PORTLAND, OR, Oct. 23 /PRNewswire-FirstCall/ -- Naturally Advanced Technologies Inc. (NAT, OTCBB: NADVF, TSXV: NAT), a pioneer in commercializing the use of bast fibers including industrial hemp for use in casual apparel, performance yarns, industrial filters and absorbent pulp and paper products, granted a stock option to purchase up to 500,000 shares in the capital of NAT at an exercise price of US$1.45 per share to Kenneth C. Barker, NAT's Chief Executive Officer. Press release notice of this grant falls under standard compliance requirements of the TSX Venture Exchange.
Miljenko Horvat, Chairman of the board, stated, "We have an extremely talented management team and it is our policy to employ stock options as incentive. This year Ken has led the team in efforts that culminated in two significant milestones: CRAILAR(R) trials for Organic Fibers with a leading U.S. apparel brand and CRAILAR(R) trials for Advanced Materials with one of North America's largest pulp and paper producers. We look forward to management driving to commercialization with the goal of establishing commercial partnerships."
The stock option is dated October 14, 2008 and is subject to an 18 month vesting schedule under the terms and conditions of NAT's existing fixed share option plan. The options carry a three year term and expire on October 14, 2011.
About Naturally Advanced Technologies, Inc.
Naturally Advanced Technologies Inc. is committed to unlocking the potential of renewable and environmentally sustainable biomass resources from hemp and other bast fibers. The Company, through its wholly owned subsidiary, Crailar Fiber Technologies Inc., is developing proprietary technologies for production of bast fibers, cellulose pulp, and their resulting by-products, in collaboration with Canada's National Research Council and the Alberta Research Council. CRAILAR(R) technology offers cost-effective and environmentally sustainable processing and production of natural, bast fibers such as hemp and flax, resulting in increased performance characteristics for use in textile, industrial, energy, medical and composite material applications. The Company is also a provider of sustainable, environmentally friendly fibers and fabrics through its apparel division HTnaturals. Founded in 1998 in response to the growing demand for environmentally friendly, socially responsible clothing, the Company adheres to a "triple bottom line" philosophy, respecting the human rights of employees, the environmental impact of the Company's operations and fiscal responsibility to its shareholders. See http://www.naturallyadvanced.com/
Neither the TSX Venture Exchange nor any regulatory authority accepts responsibility for the adequacy or accuracy of this news release. Forward Looking Statement Disclaimer
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-KSB, Form 10-QSB and other SEC filings which are available through EDGAR at http://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.
