iFabric Corp Announces Exclusive License Agreement with Les Innovation Simon Chang

Rhea-AI Summary

iFabric Corp (TSX:IFA, OTCQX:IFABF) has entered into an exclusive license agreement with Les Innovations Simon Chang Inc, allowing its subsidiary, Intelligent Fabric Technologies (North America) (IFTNA), to use Simon Chang trademarks for various fashion products. This partnership aims to enhance swimwear, athleisure, and underwear lines, incorporating innovative fabrics and technologies for improved performance and fit.

CEO Giancarlo Beevis highlighted that this collaboration strengthens IFTNA's brand portfolio and leverages shared innovation goals. The new collections will feature properties like anti-odor and UV protection, aiming to redefine consumer experiences in fashion.

Positive

• The license agreement enhances IFTNA's product offerings and brand portfolio.
• The collaboration focuses on innovation and advanced fabric technologies, potentially increasing market competitiveness.
• Incorporation of intelligent properties in fabrics may attract consumers seeking performance-oriented fashion.

Negative

• None.

MARKHAM, ON / ACCESSWIRE / March 16, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), is pleased to announce the execution of an exclusive license agreement between Les Innovations Simon Chang Inc. ("Simon Chang") and iFabric's wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"). The license provides IFTNA with the right to use the Simon Chang trademarks in connection with the manufacture and distribution of men's and women's swimwear, athleisure, underwear, sleepwear/loungewear, ready-to-wear fashionwear, swim accessories and cover-ups, to retailers and distribution channels approved by Simon Chang in North America, Europe and Australia.

"We are honored to partner with Simon Chang, a Canadian icon in the fashion industry," said Giancarlo Beevis President and CEO of IFTNA. "Innovation is core to the DNA of both Simon Chang and IFTNA and we look forward to leveraging that shared strength and focus through this collaboration. This license marks a meaningful addition to IFTNA's portfolio of licensed and proprietary brands," continued Mr. Beevis. "The new collections will feature innovative fabrics and proprietary fabric technologies that offer added performance attributes and improved fit, all to enhance the wearing experience," concluded Beevis.

"I've always strived to bring new and exciting lifestyle solutions to people's wardrobes" says Simon Chang. "I'm excited to collaborate with IFTNA because what's new in fashion today is to dress in technology. With their amazing research and development, IFTNA is providing the fashion industry with new tools to improve both the production and consumption of fashion," continued Mr. Chang. "Cutting-edge materials with intelligent properties such as anti-odor, UV protection and quick dry will change not only how we wear fashion but also how we buy fashion," concluded Simon Chang.

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 SIMON CHANG INNOVATIONS INC.

Established in 1983, Simon Chang Innovations' corporate office is located at the prestigious 555 Chabanel West, in Montreal's Fashion District. With a mission to bring consumers affordable fashion clothing with exceptional quality, comfort, fit and performance value, Simon Chang is one of Canada's most commercially successful and versatile fashion designers. In 2008, he was awarded the Order of Canada for his contribution to the Canadian fashion industry and for his philanthropic and social engagements. Having one of the longest, uninterrupted careers in Canadian fashion history, Simon Chang today continues his creative work and is constantly thinking "outside the box" to bring his customers the most current, timeless and seasonless fashion possible.

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", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors, including the risk factors described in the Company's annual information form dated December 29, 2022 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR at www.sedar.com.

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. 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.

Given the impacts of COVID-19 and the war in Ukraine resulting in ongoing uncertainty, there can be no assurances regarding: (a) the COVID-19 and the war in Ukraine related impacts on the Company's business, operations and performance, (b) the Company's ability to mitigate such impacts; (c) credit, market, currency, operational, and liquidity risks generally; and (d) other risks inherent to the Company's business and/or factors beyond its control which could have a material adverse effect on the Company.

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 forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

FOR FURTHER INFORMATION, please contact:

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

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FAQ

What does iFabric Corp's recent partnership with Simon Chang involve?

iFabric Corp has signed an exclusive license agreement with Les Innovations Simon Chang Inc. to manufacture and distribute various fashion products under Simon Chang trademarks.

What products will be developed under the Simon Chang license by iFabric Corp?

The products include men's and women's swimwear, athleisure, underwear, sleepwear, and ready-to-wear fashion under the Simon Chang brand.

How does the new license agreement affect iFabric Corp's business strategy?

The agreement aims to strengthen iFabric's portfolio by incorporating innovative fabrics and technologies, enhancing product performance and consumer experience.

What are the expected benefits of the new collections from iFabric Corp and Simon Chang?

The new collections are expected to offer features like anti-odor, UV protection, and improved fit, catering to consumers seeking advanced fashion solutions.

When was the license agreement between iFabric Corp and Simon Chang announced?

The license agreement was announced on March 16, 2023.