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REVENUES UP 105% OVER SAME PERIOD 04
VANCOUVER, Nov. 15 /PRNewswire-FirstCall/ - Hemptown Clothing Inc.
(HPTWF: OTCBB), a leading provider of environmentally responsible apparel
announced today its financial results for the third quarter ending
September 30, 2005.
Highlights of the third quarter include (All figures expressed in US
Dollars):
- Company posts Income of $501,089 for nine month period ending
September 30, 2005
- Revenues for the three month period ending September 30, 2005 up 105%
over same period 2004.
- YTD sales up 15% over same period 2004.
- Gross margin up 28% for 3 month period ending September 30, 2005.
- Company and subsidiaries raised $1.8 Million dollars in Q3.
- New deal negotiated for debt instrument originally due in October
2005.
Hemptown CEO Jerry Kroll stated: "With the raising of new capital and
renegotiation of debt, the company is positioned to execute its business plan.
The continued development of "CRAILAR(TM)" will begin in the Q4-2005 with
testing at the Alberta Research Council pilot plant in November."
Hemptown President Jason Finnis stated: "New clothing designs and the
accompanying development costs in Q3-2005 look to increase clothing sales in
Q1-2006 as the new designs have been met with enthusiasm from customer base."
About Hemptown
Hemptown Clothing Inc. was founded in 1995 in response to growing demand
for environmentally friendly, socially responsible clothing. The company
supplies wholesale and private label customers throughout North America
through offices in Vancouver B.C., Shanghai, China and Blaine, Washington.
For further information contact:
Jerry Kroll, Hemptown Clothing Inc., 604-255-5005
http://www.hemptown.com / info@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.
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