74, compared to diluted loss
per share of $0.
For the nine months ended December 31, 2004, net sales increased
48. Net loss from continuing operations
increased to $8. In its ten year
history , NAT has shipped more than 500,000 garments reducing chemical use by
86,634 pounds and saving 452 ,232,264 gallons of fresh water.

acetate interlinings

Novel Denim Holdings Limited Announces Fiscal 2005 Third Quarter Results; Company Halting Production in South African Textile Operations Due to Ongoing Losses

Novel Denim Holdings Limited
Selected Income Statement Information (Unaudited )
(in thousands, except per share amounts)


For the Three Months For the Nine Months
Ended Ended
December 31, December 31,
-------------------- ----------------------
Reclassified Reclassified
2003 2004 2003 2004
------------ ------- ------------- --------
Net sales $ 15,342 $20,886 $ 37,954 $ 56,349
Cost of goods sold 11,943 21,090 30,786 54,111
----------- ------- ------------ --------
Gross profit/(loss) 3,399 (204) 7,168 2,238
Other revenues (105) 748 1 ,826 1,261
Selling, general +
administrative expenses 4,302 4,184 10,643 9,903
Other expenses -- 1,144 -- 1,144
----------- ------- ------------ --------
Operating loss (1,008) (4 ,784) (1,649) (7,548)
Interest expense, net 413 233 1,150 873
----------- ------- ------------ --------
Loss before taxation (1,421) (5,017) (2,799) (8,421)
Tax 233 297 -- 282
----------- ------- ------------ --------
Net loss from continuing
operations (1,654) (5,314) (2,799) (8,703)
Net (loss)/income from
discontinued operations (5,235) (644) (5,317) 599
----------- ------- ------------ --------
Net loss $ (6,889)$(5,958) $ (8,116)$ (8,104)
=========== ======= ============ ========

Earnings per share
---------------------------
Basic
Continuing operations $ (0.

Safe Harbor Statement
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.

lamination spunlace

Chao.5% to $56.

Outlook and Special Meeting of Shareholders

As previously announced the Company is focused on scaling down its
operations and reducing costs where possible in order to become cash
flow positive.65) (0.07
----------- ------- ------------ --------
Total $ (0.

nonwoven interlinings

74) $ (1 .21)$ (0. NAT was founded in 1995 in response to the growing demand for
environmentally friendly, socially responsible clothing.

polyesters pocketing

For the third quarter, net sales increased by 36.9
million, compared to $15.1 million. Such statements are based on current
expectations and are subject to certain risks and uncertainties
including, but not to, the overall level of consumer spending on
apparel, the financial strength of the retail industry limited
generally and the Company's customers in particular , changes in trends
in the market segments in which the Company competes, the level of
demand for the Company's garments and fabrics, actions by its major
customers or existing or new competitors , changes in currency and
interest rates, changes in applicable tax laws, regulations and
treaties , import/export laws and treaties and changes in economic or
political conditions in the markets where the Company sells or
manufactures its products, as well as other risks and uncertainties
set forth in the Company's publicly-filed documents, including its
Annual Report on Form 20-F for the fiscal year ended March 31, 2004. CRAILAR Fiber Technologies was formed to produce
high-tech, high-strength natural fiber for the textile and composite industry. The
company's website can now be located at http://www.

linings acetate

Following this wind-down, the
Company's sole operation will be NDP, its fabric and dyeing business,
in Shenzen, China.0 million for the same period
last year.7 million from a net loss of $2.01)

Diluted
Continuing operations $ (0.

About Naturally Advanced Technologies Inc.
Naturally Advanced Technologies Inc.

Contact
For further information please contact Investor Relations, Kirsten
Chapman or Moriah Shilton, both of Lippert /Heilshorn + Associates,
ir@hemptown.

elastics hydrophobic

K. Novel Denim produces and/or
finishes a diversified and innovative range of denim, chino, twill and
printed fabrics, including lightweights, alternative weaves and
specialty colors and finishes. - Company Also Announces Formation of Two New Subsidiaries -

VANCOUVER, March 23 - Hemptown Clothing Inc. Naturally Advanced Technologies represent the next step in the
evolution of our company and our energies are now focused on capitalizing on
the significant growth opportunity CRAILAR presents.

acetate lining

6 million from a
net loss of $5.08, compared to diluted loss per share of $0.

hydrophilic elastics

Business Editors

HONG KONG----Novel Denim Holdings
Limited (Nasdaq SmallCap: NVLD) today reported its financial results
for the third quarter and nine months ended December 31, 2004 of its
fiscal year ending March 31, 2005.7 million in the same period last
year. Such statements are indicated by words or phrases
such as "anticipate," "estimate," "project ," "expect," "believe" and
similar words or phrases.07
----------- ------- ------------ --------
Total $ (0. NAT respects
human rights of employees, the environmental impact of the company's
operations and fiscal responsibility to its shareholders.com, +1-415-433-3777.

elastics pocketing

3 million for the same quarter last year. Included in
discontinued operations are the Company's South African garment
operations and all operations in Mauritius.
"Our operating results during the last quarter reflect the
significant ongoing production and competitive challenges faced in
returning the Company to profitability," commented Mr.C.
"Unfortunately, due to the ongoing losses, we have no choice but to
halt production in our South African Textile plants ," commented Mr.86)$ (0.

backings acetate

Net loss from continuing
operations increased to $5.4 million, compared to $38. Net loss for the nine month periods ending December 2004
and 2003 were both $8. In connection with this strategy, the Company will be
holding a special meeting of shareholders on February 28 , 2005 to vote
on the previously announced going private transaction and expects to
close the transaction immediately thereafter.08)
Discontinued operations (0. 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.

For more details on the NRC enzyme process, see:
http: //hemptown.

polyesters soluble

Net
loss decreased to $6.

About Novel Denim

Novel Denim is a flexible supplier of a broad range of woven and
printed fabrics, to customers primarily in the United States and
Europe .

Hemptown Announces Name Change to Naturally Advanced Technologies

and
Hemptown Clothing and both will operate under the parent company, Naturally
Advanced Technologies.

trimmings fusible

86 in the comparable quarter last year. Novel Denim's facilities are currently located in Shenzen,
China and Cape Town, South Africa.65) $ (0.65) (0. (NAT, OTCBB: NADVF), formerly
Hemptown Clothing Inc.

soluble mossglade

08)
Discontinued operations (0.

eood nonwoven

Chao,
Chief Executive Officer and President of Novel Denim. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.35)$ (1.09) (0.01)

Weighted average Ordinary
Shares outstanding
Basic 8,028 8,028 8,028 8 ,028
Diluted 8,028 8,028 8,028 8,028

Novel Denim Holdings Limited
Selected Balance Sheet Information (Unaudited)
(US$ in thousands)

Reclassified Reclassified
December March December
31, 31, 31,
2003 2004 2004
------------ ----------- ----------
ASSETS
Cash and cash equivalents $ 5,764 $ 3,333 $ 6,703
Accounts receivable 12,310 10,096 12,502
Inventories 15,827 15,473 11,760
Other current assets 4,196 2,028 1,458
Assets of discontinued operations 94,910 65,919 8,615
Deferred tax assets 1,100 402 356
Fixed assets, net 34,585 22,361 20,325
------------ ----------- ---------
Total assets $ 168,692 $ 119,612 $ 61,719
============ =========== =========
LIABILITIES + SHAREHOLDERS' EQUITY
Short-term borrowings and bank
overdrafts $ 38,139 $ 33,474 $ 14,684
Current portion of long-term
borrowings 6,188 5,625 3,938
Other current liabilities 16,275 13,892 15,501
Liabilities of discontinued
operations 39,748 34,773 3,021
Other liabilities 8,495 6,994 7,844
Deferred tax liabilities 689 1,234 1,234
------------ ----------- ---------
Total liabilities 109 ,534 95,992 46,222
Shareholders' equity 59,158 23,620 15,497
------------ ----------- ---------
Total liabilities +
shareholders' equity $ 168,692 $ 119,612 $ 61,719
============ =========== =========

sublimation soluble

01 in each comparable period.

Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995.86)$ (0.
"Our name change to Naturally Advanced Technologies and the addition of
the two new subsidiaries reflects our strategic decision to focus on the
development and commercialization of CRAILAR," stated Jerry Kroll, CEO.

com/sites/hemptown/files/NRCArticle.

trimmings lining

Should one or more of these risks or uncertainties materialize , or
should underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or projected.21)$ (0.01)$ (1."
The OTCBB has issued a new trading symbol for Naturally Advanced
Technologies' common stock, effective at the open of the market today. The company intends to license CRAILAR to
partners in many industries including apparel; medical and hospitality
textiles; upholstery; diversified industrials; and auto, marine and airplane
parts .pdf

This category lists wholesale distributors of woven and knitted fabrics for garment, bags and footwear interlining applications.

polyesters sublimation

65,
compared to diluted loss per share of $0. Diluted loss per share from continuing
operations was $1. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended.
The two new subsidiaries are CRAILAR(TM) Fiber Technologies Inc.
"CRAILAR is a new biotech enzyme process we have developed in collaboration
with the Canadian Government National Research Council and the Alberta
Research Council, which has the potential to significantly change the
production of textile bast fibers such as hemp, bamboo and flax and to replace
composite fibers, including glass. As such, CRAILAR expands our target markets
beyond our traditional served market of hemp blend fabrics into industries
such as apparel, medical and hospitality textiles, and auto, marine and
airplane parts.

trimmings eood

21 in the comparable quarter
last year. As a result, the Company plans all production to halt by the
middle of February and has taken a $3.7 million charge in the third
quarter ended December 31, 2004 to write-down fabric inventories and
provide for severance payments.74) $ (1.

lamination acetate

CRAILAR is expected to enable the
cost-effective production of these quality and conservation-based textiles and
composites; therefore, management believes CRAILAR will significantly change
production of fibers and composites.

linings hydrophobic

9 million in the same period last year.
Net loss from discontinued operations decreased to $0. Diluted loss per share was $0. Diluted loss per share
were both $1.66) 0.,
(NADVF: OTCBB) a leading provider of sustainable , environmentally-friendly
fibers and fabrics, today announced the formation of two new subsidiaries and
change in the company's name to Naturally Advanced Technologies Inc. Naturally Advanced Technologies
is in the process of developing and patenting a revolutionary biotech enzyme
fiber process named CRAILAR in collaboration with Canada's National Research
Council and Alberta Research Council.

trimmings fusible

0 million in the third quarter of fiscal 2005
compared to a net loss of $6.3 million in the third quarter of fiscal
2005 compared to a net loss of $1.65) $ (0.66) 0.35)$ (1.

waistbands interlinings

"During the past
quarter we continued to work on disposing our remaining assets in
Mauritius and garment assets in South Africa and further analyzed
strategic alternatives for our South African textile business .01)$ (1.com.

spunlace nonwoven

2 million in the same period last year. Diluted loss per share from continuing operations was $0."

Production Halted in South African Textile Operations

Given our inability to improve the results of our South African
textile business to operate profitably, the Company decided to stop
production and seek a sale of the business or its assets.8 million in the first
nine months of fiscal 2004.
Hemptown Clothing, the company's legacy business, is a leader in the
production of eco-friendly fiber garments for the sportswear industry with its
HT Naturals division.naturallyadvanced .

hydrophobic pocketing

1% to $20.35 in
the comparable nine month period last year. Novel Denim's customers include major
retailers, wholesalers and manufacturers of leading designer and
private label apparel brands .09) (0., is a leading provider of sustainable,
environmentally-friendly fibers and fabrics .

fusible trimmings

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)