Naturally Advanced leases factory space
By Matt Kish, Business Journal Managing Editor
Business Journal Managing Editor
Naturally Advanced Technologies Inc. on Tuesday said it has leased factory space in South Carolina.
The company is developing a process that turns burlap-like textiles such as hemp into a fabric as soft as cotton.
The Vancouver, B.C., company (OTCBB: NADVF) is led by Portland-based CEO Ken Barker, joint president of the local venture capital firm Meriwether Group and the former head of apparel for Adidas America.
The company signed a 10-month sublease for 40,000 square feet in Kingstree, S.C.
The space will be used to perfect the company's manufacturing process. It’s near 300 acres of crops that will also enable the company to conduct growing trials.
The company had no sales in 2009 and relies on capital from equity offerings and debt financing.
In May it raised $1.4 million in new capital in a private placement.
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