SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
Item 1.01 Entry into a Material Definitive Agreement.
On November 6, 2013, Crailar Technologies Inc. ("Crailar") entered into an Asset Purchase Agreement (the "Agreement") with Schrurs NV ("Schrurs") to purchase a European based fiber processing facility, which includes certain assets related to the dyeing, bleaching, processing and treatment of all natural and synthetic fibres for the textile industry.
Pursuant to the Agreement, Crailar will purchase from Schrurs (i) any and all equipment, furniture, including office equipment and furniture, tools, fixtures, fittings and other tangible personal property; (ii) the environmental permit granted to Schrurs by decision of the Deputation of the Provincial Council of West Flanders dated February 8, 1996; and (iii) the rights, title and interests of Schrurs in to and under the employment contracts of the employees of Schrurs (the "Assets"). The price for the Assets shall be the payment of all outstanding debts of Schrurs, currently valued at approximately US$1.2 million over a three-year period.
SECTION 5 - CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective on November 6, 2013, the Board of Directors of Crailar accepted the consent to act as director of the Company of Lesley Hayes. On the same date, the Board of Directors appointed Ms. Hayes as Chairman of the Board. Ms. Hayes is currently the Chief Operating Officer of NoDramaMedia Ltd., a holding company that manages financial and mentoring interests in various companies. Ms. Hayes has served as a director of Northern Abitibi Mining Corp. (TSX Venture: NAI) from 1996 to date. Ms. Hayes is currently completing her PhD in Entrepreneurship at Athabasca University, holds an MBA from the University of Calgary, has completed her Canadian Securities Course, and has worked in investor relations for several years. Ms. Hayes is married to Robert Edmunds, who also serves as a director of Crailar.
As a consequence of the appointment of Ms. Hayes, the Board of Directors and Executive Officers of the Company are now comprised of the following: