Pinch
Well-Known Member
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 16, 2005--Hemptown Clothing Inc. (OTCBB:HPTWF), a leading provider of environmentally responsible clothing, announced today its financial results for the first quarter ended March 31, 2005.
Highlights of the first quarter included: (All figures expressed in US Dollars)
-- Revenues of $178,563 and Margin of 31%.
-- Development of patentable enzyme process for hemp-derived "CRAILAR(TM)" fiber with National Research Council of Canada continues on schedule.
-- First purchase order for 9 million pounds of CRAILAR(TM) received for fulfillment beginning in Q4 2005.
-- Launch of HT Naturals(TM) as an "eco-fabric" brand, crafted from an expanded combination of fabric blends including organic cotton, bamboo, soy, recycled polyester, and other textiles.
-- $174,893 net received (April 2005) from the Government of Canada's Scientific Research and Experimental Development program (SR&ED), in recognition of the Company's 2002 and 2003 work in the development of its unique environmentally friendly fabrics and garments.
Jason Finnis, President of Hemptown, stated, "We continue to build the biotechnical aspects of our business with the pending CRAILAR(TM) process. Our HT Naturals(TM) product line has been well received, and we will continue to aggressively use our sales team to develop interest and generate revenues. And this summer, the Company is planning to build market awareness of its new and forthcoming products with attendance at a number of major trade shows, and through increased public relations campaigns."
About Hemptown
Hemptown Clothing Inc. is the world's largest hemp T-shirt apparel brand and sells a line of hemp/cotton activewear: T-shirts, sweatshirts and ball caps to wholesalers, retailers and consumers. Hemptown is also involved in ongoing bio-technology fiber research and development of quality and conservation-based textile technology, working vertically to enhance its products and the benefits they provide to crop farmers, consumers and the environment.
Please visit www.hemptown.com
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act of 1934 and the provisions of the Private Securities Litigation Reform Act of 1995 and is subject to safe harbor created by these sections. Actual results may differ materially due to a number of risks, including, but not limited to, technological and operational challenges, needs for additional capital, changes in consumer preferences, risks associated with: market acceptance and technological changes; dependence on manufacturing and material supplies providers; international operations; and competition.
Source: Business Wire.com
Copyright: 2005 Business Wire.com
Contact: Hemptown Clothing Inc., Patrick Smyth at 604-255-5005 or 1-866-HEMPTOWN or patrick@hemptown.com
Website: https://home.businesswire.com/porta...d=news_view&newsId=20050516006277&newsLang=en
Highlights of the first quarter included: (All figures expressed in US Dollars)
-- Revenues of $178,563 and Margin of 31%.
-- Development of patentable enzyme process for hemp-derived "CRAILAR(TM)" fiber with National Research Council of Canada continues on schedule.
-- First purchase order for 9 million pounds of CRAILAR(TM) received for fulfillment beginning in Q4 2005.
-- Launch of HT Naturals(TM) as an "eco-fabric" brand, crafted from an expanded combination of fabric blends including organic cotton, bamboo, soy, recycled polyester, and other textiles.
-- $174,893 net received (April 2005) from the Government of Canada's Scientific Research and Experimental Development program (SR&ED), in recognition of the Company's 2002 and 2003 work in the development of its unique environmentally friendly fabrics and garments.
Jason Finnis, President of Hemptown, stated, "We continue to build the biotechnical aspects of our business with the pending CRAILAR(TM) process. Our HT Naturals(TM) product line has been well received, and we will continue to aggressively use our sales team to develop interest and generate revenues. And this summer, the Company is planning to build market awareness of its new and forthcoming products with attendance at a number of major trade shows, and through increased public relations campaigns."
About Hemptown
Hemptown Clothing Inc. is the world's largest hemp T-shirt apparel brand and sells a line of hemp/cotton activewear: T-shirts, sweatshirts and ball caps to wholesalers, retailers and consumers. Hemptown is also involved in ongoing bio-technology fiber research and development of quality and conservation-based textile technology, working vertically to enhance its products and the benefits they provide to crop farmers, consumers and the environment.
Please visit www.hemptown.com
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act of 1934 and the provisions of the Private Securities Litigation Reform Act of 1995 and is subject to safe harbor created by these sections. Actual results may differ materially due to a number of risks, including, but not limited to, technological and operational challenges, needs for additional capital, changes in consumer preferences, risks associated with: market acceptance and technological changes; dependence on manufacturing and material supplies providers; international operations; and competition.
Source: Business Wire.com
Copyright: 2005 Business Wire.com
Contact: Hemptown Clothing Inc., Patrick Smyth at 604-255-5005 or 1-866-HEMPTOWN or patrick@hemptown.com
Website: https://home.businesswire.com/porta...d=news_view&newsId=20050516006277&newsLang=en
