Year-to-Year Development Continues with 26% Growth in 2004
Vancouver, British Columbia, Canada — Hemptown Clothing Inc., a leading provider of environmentally responsible clothing, announced today its financial results for the fourth quarter and year ended December 31, 2004.
Highlights of the 2004 fiscal year included: (All figures expressed in US Dollars)
- Revenue increased to $831,545, an increase of 26% over revenue for 2003
- Margins increased to $260,879, an increase of 50% over revenue for 2003
- Collaboration Agreement with National Research Council of Canada pursuant to which the Company is developing a patentable enzyme process for hemp-derived “CRAILAR™” Fiber
- The acquisition of 80 acres of land in Craik, Saskatchewan for the development of a CRAILAR™ Fiber Production Plant
- Addition of new clothing distribution facility in Blaine, Washington
- Over 2,000 resellers and four distributors located in North America
Jason Finnis, President of Hemptown, stated, “Our revenues and margins continue to grow at a healthy pace while we develop our biotechnology product, CRAILAR™. New systems were implemented to streamline shipping and increase logistic efficiencies and customer service was improved by the addition of two new call centre personnel. As a result of our trip to China to meet with new suppliers, we have successfully negotiated lower costs of goods and better payment terms. I am looking forward to 2005, and increasing our sales and customer base while we enter the biotech marketplace.”
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.
Copyright © 2005, Hemptown Clothing Inc. All rights reserved.