iFabric Corp Acquires Remaining 25% Stake in Markham Property and Signs New Banking Agreement
iFabric Corp (IFABF) has announced two significant financial developments: First, the acquisition of the remaining 25% stake in its Markham, Ontario warehouse property subsidiary through a CDN$3.7 million mortgage financing from BMO. This financing will also be used to repay existing secured and minority shareholder loans.
Second, the company has secured a new banking agreement with BMO that increases its revolving operating credit facility from $6.75 million to $12 million. The facility, currently unutilized, is secured by company assets including a mortgage on the Markham property, which was recently valued at approximately $12 million.
iFabric Corp (IFABF) ha annunciato due importanti sviluppi finanziari: in primo luogo, l'acquisizione del restante 25% della sua filiale di proprietà del magazzino a Markham, Ontario, attraverso un finanziamento ipotecario di 3,7 milioni di dollari canadesi da BMO. Questo finanziamento sarà utilizzato anche per rimborsare prestiti garantiti esistenti e prestiti da azionisti di minoranza.
In secondo luogo, l'azienda ha ottenuto un nuovo accordo bancario con BMO che aumenta la sua linea di credito operativo revolving da 6,75 milioni di dollari a 12 milioni di dollari. La linea di credito, attualmente non utilizzata, è garantita da beni aziendali, inclusa un'ipoteca sulla proprietà di Markham, recentemente valutata a circa 12 milioni di dollari.
iFabric Corp (IFABF) ha anunciado dos desarrollos financieros significativos: primero, la adquisición del 25% restante de su filial de propiedad del almacén en Markham, Ontario, a través de un financiamiento hipotecario de 3.7 millones de dólares canadienses de BMO. Este financiamiento también se utilizará para pagar préstamos garantizados existentes y préstamos de accionistas minoritarios.
En segundo lugar, la compañía ha asegurado un nuevo acuerdo bancario con BMO que aumenta su línea de crédito operativo revolvente de 6.75 millones de dólares a 12 millones de dólares. La línea de crédito, actualmente no utilizada, está garantizada por activos de la empresa, incluida una hipoteca sobre la propiedad de Markham, que fue recientemente valorada en aproximadamente 12 millones de dólares.
iFabric Corp (IFABF)는 두 가지 중요한 재무 개발을 발표했습니다: 첫째, BMO로부터 370만 캐나다 달러의 모기지 자금을 통해 온타리오주 마컴에 있는 창고 자회사에 대한 남은 25% 지분을 인수했습니다. 이 자금은 기존의 담보 대출 및 소액 주주 대출을 상환하는 데에도 사용될 것입니다.
둘째, 회사는 BMO와의 새로운 은행 계약을 통해 운영 회전 신용 한도를 675만 달러에서 1200만 달러로 증가시켰습니다. 현재 사용되지 않고 있는 이 한도는 마컴 부동산에 대한 담보를 포함한 회사 자산으로 보장되어 있으며, 최근에 약 1200만 달러로 평가되었습니다.
iFabric Corp (IFABF) a annoncé deux développements financiers significatifs : tout d'abord, l'acquisition des 25 % restants de sa filiale de propriété d'entrepôt à Markham, Ontario, grâce à un financement hypothécaire de 3,7 millions de dollars canadiens de BMO. Ce financement sera également utilisé pour rembourser des prêts garantis existants et des prêts d'actionnaires minoritaires.
Deuxièmement, la société a sécurisé un nouvel accord bancaire avec BMO qui augmente sa ligne de crédit opérationnelle renouvelable de 6,75 millions à 12 millions de dollars. La ligne de crédit, actuellement inutilisée, est garantie par des actifs de l'entreprise, y compris une hypothèque sur la propriété de Markham, récemment évaluée à environ 12 millions de dollars.
iFabric Corp (IFABF) hat zwei bedeutende finanzielle Entwicklungen bekannt gegeben: Erstens die Übernahme der verbleibenden 25%-Beteiligung an ihrer Tochtergesellschaft für Lagerimmobilien in Markham, Ontario, durch eine Hypothekenfinanzierung in Höhe von 3,7 Millionen CAD von BMO. Diese Finanzierung wird auch zur Rückzahlung bestehender gesicherter und von Minderheitsaktionären gewährter Darlehen verwendet.
Zweitens hat das Unternehmen eine neue Bankvereinbarung mit BMO gesichert, die die revolvierende Betriebskreditlinie von 6,75 Millionen auf 12 Millionen Dollar erhöht. Die derzeit ungenutzte Linie ist durch Unternehmensvermögen gesichert, einschließlich einer Hypothek auf die Markham-Immobilie, die kürzlich auf etwa 12 Millionen Dollar geschätzt wurde.
- Full ownership acquisition of warehouse property valued at $12 million
- Credit facility nearly doubled from $6.75M to $12M
- Removal of borrowing restrictions from prior minority shareholders
- Increased financial flexibility for growth initiatives
- Taking on new debt of $3.7M through mortgage financing
MARKHAM, ON / ACCESS Newswire / April 7, 2025 / iFabric Corp. or the Company (TSX:IFA)(OTCQX:IFABF) today announced the execution of an agreement to acquire of the remaining
The acquisition will be funded through Cdn
In addition to the acquisition, the Company is also pleased to announce that it has concurrently signed a new banking agreement with BMO, which increases its revolving operating credit facility from
"This strategic investment provides us with full control of our valuable Markham warehouse property, recently valued at around
About iFabric Corp.:
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").
IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.
About BMO Financial Group:
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
FORWARD LOOKING STATEMENTS
Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "plans", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's annual information form dated March 28, 2025 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of iFabric. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.
FOR FURTHER INFORMATION please contact:
Hylton Karon, President and CEO
Tel: 905.752.0566 ext 201
Email: hyltonk@ifabriccorp.com
Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com
Website: www.ifabriccorp.com
Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: iFabric Corp.
View the original press release on ACCESS Newswire
FAQ
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