Crailer Technologies expects to raise at least $3 million from a private debt offering.
The company, formerly known as Naturally Advanced Technologies Inc., is working to commercialize its technology that takes rough yet abundant fibers like flax and hemp and turns them into a more sustainable competitor to cotton. The company is led out of Portland by CEO Ken Barker, a former Adidas executive, with offices in Victoria, British Columbia.
Crailar is now trading both on the Toronto Stock Exchange and in the U.S. on the OTC Bulletin Board, but since last fall has been discussing a move to a major U.S. exchange, which could be either the NASDAQ or New York Stock Exchange.
Read more at Sustainable Business Oregon.