PORTLAND, OR, June 25, 2014 /PRNewswire/ -CRAiLAR Technologies Inc. (TSXV: CL) (OTCQB: CRLRF), which produces and markets CRAiLAR® Flax fiber The Friendliest Fiber On The Planet', today announced that Mr. Klaus Flock, currently CFO of adidas Group America, has agreed to join the Company's Board of Directors.
Mr. Flock is an 18-year veteran with adidas Group AG, where he has held numerous executive level positions for the company throughout Europe, Asia and North America. Upon returning from Indonesia in 2006, where he was Managing Director of adidas Indonesia, he was appointed CFO of TaylorMade-adidas Golf until late 2011. Since that time, he has held the position of CFO for adidas Group America, based in Portland, Oregon. Mr. Flock is a graduate of the Universität Stuttgart with a Diplom-Kfm inaccounting and finance.
"We are truly pleased Klaus has accepted our nomination, and grateful to adidas AG for allowing him to participate in this capacity. Klaus's insight into the industry, knowledge of supply chains and global financial experience elevates our board structure to a new level with a further reaching global scope. We look forward to his active participation with CRAiLAR and welcome him to the CRAiLAR team " said Ken Barker, CEO of CRAiLAR Technologies.
Commensurate with his appointment, the Company has granted Mr. Flock, in accordance with its current share option plan, a stock option to acquire up to an aggregate of 35,000 common shares of the Company at an exercise price of US$0.84/CDN$0.90 per common share for a period of five years and have been granted in accordance with the terms of the Company's 2011 Fixed Stock Option Plan. The options will vest over a period of twelve months.
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 fibers to IKEA, Georgia-Pacific, HanesBrands, 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 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.
SOURCE Crailar Technologies Inc.
