iFabric Corp Signs Exclusive Distribution Agreement for Africa

Rhea-AI Summary

iFabric Corp. announced a 5-year exclusive agreement with Beverly Hills Investments to distribute ProTX2 formulations in Africa. The deal ensures minimum annual purchases of US$2 million, US$4 million, and US$12 million over the first three years. IFTNA's AVguard, a proprietary anti-viral laundry additive, was recently donated to The Village Medical Centre in Johannesburg, promoting this partnership. The agreement aims to support health during the COVID-19 pandemic by providing effective anti-microbial solutions.

Positive

• 5-year exclusive distribution agreement with Beverly Hills Investments to sell ProTX2 in Africa.
• Minimum annual purchases of US$2 million, US$4 million, and US$12 million for years 1, 2, and 3 respectively, indicating projected revenue growth.
• Initial donation of AVguard to The Village Medical Centre enhances corporate image and partnership credibility.

Negative

• None.

MARKHAM, ON / ACCESSWIRE / September 17, 2020 / iFabric Corp. ("iFabric") (TSX:IFA)(OTC PINK:IFABF), today announced that its Intelligent Fabric Technologies Division ("IFTNA") has finalized a five (5) year exclusive agreement with Beverly Hills Investments (Pty) Ltd. ("BHI") to sell and distribute ProTX2 formulations and products containing anti-microbial and anti-viral formulations throughout the continent of Africa.

"At a time when the world is dealing with an unprecedented global pandemic, IFTNA is pleased to be able to collaborate with a trusted partner to provide support towards the health and protection of people in Africa," said Mr. Giancarlo Beevis President & CEO of IFTNA.

IFTNA recently donated its initial production of AVguard, its proprietary anti-viral laundry additive, to The Village Medical Centre in Johannesburg, South Africa. The successful deployment and use of AVguard was a catalyst in signing this agreement with BHI, whose common shareholders promote seamless collaboration and co-operation between the Medical Center and BHI.

The agreement requires minimum annual purchases of US$2 million, US$4 million, and US$12 million for years 1, 2, and 3 respectively.

"It is with great pleasure that we are partnering with IFTNA, to distribute the AVguard laundry additive as well as products treated with PROTX2, which has been laboratory proven to deactivate the COVID-19 causing virus in as little as ten minutes when integrated in textiles. I believe these tools have the potential to make a big difference in Africa's fight against the Coronavirus pandemic," said Dr. Paul Freinkel of BHI. "Having a technology that requires no more than a simple household washing machine to make linens and clothing "self-sanitizing", so that wearers and users are protected from COVID-19, and other potentially harmful microbes, is just the type of technology that Africa needs," concluded Dr. Freinkel.

ABOUT iFABRIC CORP:

Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.5 million shares issued and outstanding.

Through its wholly-owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove"), the Company offers a variety of products and services in both of its strategic divisions:

IFTNA is focused on performance apparel as well as proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of the consumer.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products and accessories.

ABOUT BEVERLY HILLS INVESTMENTS (PTY) LTD.

Established in 2006, BHI is a South African private company, which specializes in introducing products into countries across the African continent in the medical, hotel, restaurant, household, and commercial market segments.

BHI's extensive high-level reach includes the UK and middle eastern markets.

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. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's products.

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.

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

Tina Byers - Investor Relations
Tel: 905.330.3275
Email: tina@adcap.ca

Gary Perkins - Investor Relations
Tel: 416.882.0020
Email: garyperkins@rogers.com

Jean-François Dubé (Québec) - Investor Relations
Tel: 514.233.9551
Email: jfdube@mac.com\
Website: www.ifabriccorp.com

SOURCE: iFabric Corp.

View source version on accesswire.com:
https://www.accesswire.com/606455/iFabric-Corp-Signs-Exclusive-Distribution-Agreement-for-Africa

FAQ

What is the iFabric Corp agreement with Beverly Hills Investments?

iFabric Corp signed a 5-year exclusive agreement with Beverly Hills Investments to distribute ProTX2 formulations in Africa.

What are the financial terms of the agreement with Beverly Hills Investments?

The agreement requires minimum annual purchases of US$2 million, US$4 million, and US$12 million for the first three years.

How does AVguard fit into iFabric's distribution plans in Africa?

AVguard, an anti-viral laundry additive, will be distributed as part of the agreement, aimed at combating COVID-19 in Africa.

What is the significance of this partnership for iFabric Corp?

This partnership may enhance iFabric's market reach in Africa and drive significant revenue growth through minimum purchase commitments.

What products are covered under the agreement with Beverly Hills Investments?

The agreement covers ProTX2 formulations and products treated with AVguard laundry additive.