iFabric Corp Announces Director Appointment and Resignation

Rhea-AI Summary

iFabric Corp. announces the appointment of Rich Macary as a director, joining the Audit Committee. Currently serving as Chief Strategy Officer at Delos Living, Macary has extensive experience in business development and strategic partnerships. He succeeds Mark Greenspan, who is retiring after contributing significantly since 2011. The board now includes six directors, with three independent members. iFabric focuses on innovative products through its subsidiaries, offering high-performance and protective apparel alongside ladies' intimate apparel.

Positive

• Rich Macary's appointment brings extensive experience in business development and strategic partnerships.
• The addition of a skilled director may enhance iFabric's growth potential and market positioning.

Negative

• Mark Greenspan's retirement may create a gap in experience, potentially affecting board continuity.

MARKHAM, ON / ACCESSWIRE / February 8, 2022 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA, OTCQX:IFABF), is pleased to announce the appointment of Rich Macary as a director of the Company and member of the Audit Committee.

Mr. Macary is the current Chief Strategy Officer of Delos Living LLC ("Delos") and former President of Delos Ventures. Rich provides Delos, a wellness real estate and technology company, with senior level business development skills and a wealth of relevant experience on key value driving areas including business development, product innovation, concept/IP licensing, strategic partnerships, collaborations and joint ventures. Prior to joining Delos, Rich was Vice President of Business Development for Sarepta Therapeutics, a leader in RNA based therapies targeting rare and infectious diseases. Rich spent the prior 20 years as a corporate consultant, advisor and analyst to both institutional and high-net-worth investors as well as a consultant, advisor, investor and board member to several public and private early to mid-stage companies operating in a diverse range of industries including technology, biotechnology, medical devices, health & wellness, real estate ,retail concepts and consumer products among others.

In connection with Mr. Macary's appointment, the Company also announces that Mr. Mark Greenspan is retiring and is stepping down as a director. The board of directors would like to thank Mr. Greenspan for his contributions to the Company. Mr. Greenspan has added significant value to the Company since joining the board in 2011 and will be greatly missed for his contribution to the both the board and the audit committee. The board of directors remains at six directors serving on iFabric's board, including three independent, non-executive directors.

"On behalf of the Board of Directors, I would like to welcome Rich to the Board," said Hylton Karon, Chief Executive Officer of iFabric.

ABOUT iFABRIC CORP:

Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and currently has 29.6 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.

FOR FURTHER INFORMATION, please contact:

Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com

SOURCE: iFabric Corp.

View source version on accesswire.com:
https://www.accesswire.com/687814/iFabric-Corp-Announces-Director-Appointment-and-Resignation

FAQ

Who is Rich Macary and what is his role at iFabric Corp?

Rich Macary is the newly appointed director of iFabric Corp. He is also the Chief Strategy Officer at Delos Living, bringing extensive experience in business development and strategic partnerships.

What prompted Mark Greenspan to step down from iFabric Corp's board?

Mark Greenspan is retiring after contributing significantly to the board since 2011, although specific reasons for his retirement were not disclosed.

How many directors are on iFabric Corp's board after the recent changes?

After the appointment of Rich Macary and the retirement of Mark Greenspan, iFabric Corp's board remains at six directors, including three independent, non-executive members.

What are the business focuses of iFabric Corp?

iFabric Corp operates through its subsidiaries, focusing on high-performance sports apparel, protective apparel, and ladies' intimate apparel.

What is the stock symbol for iFabric Corp?

The stock symbol for iFabric Corp is IFABF.