iFabric Provides Update on EPA Claims Submission Process

Rhea-AI Summary

iFabric Corp. (TSX: IFA, OTCQX: IFABF) announced delays in its EPA submission for advanced efficacy claims regarding its ProTX2 fabric-treatment technology. CEO Hylton Karon stated that the unpredictable process and resource limitations at the EPA are key factors contributing to the delay, making it unlikely for approval this April. Despite these challenges, iFabric remains optimistic, citing ongoing business growth from independent channels. The company currently has a sales run-rate of approximately C$20 million and maintains a profitable and solvent status.

Positive

• Company maintains a sales run-rate of approximately C$20 million.
• Continued business growth expected from multiple new areas independent of EPA claims.
• Company is solvent and profitable.

Negative

• Unlikely to receive EPA approval for efficacy claims in April due to unforeseen delays.
• Delays attributed to the EPA's resource limitations and unfamiliarity with the technology.

MARKHAM, ON / ACCESSWIRE / April 22, 2022 / iFabric Corp. (TSX:IFA)(OTCQX:IFABF) ("iFabric") today provided an update on its Environmental Protection Agency ("EPA") submission process for next level efficacy claims for its ProTX2 anti-bacterial and anti-viral fabric-treatment technology.

"Based on the unpredictable nature of our recent dealings with the EPA, it seems highly unlikely EPA will sign-off on the application this April," stated Hylton Karon, President, and CEO of iFabric. "A combination of process challenges within the EPA, lack of resources at the EPA, as well as the fact that our ground-breaking technology is in a field the agency may be less familiar with, seem to be the delaying factors in this process. At this point, it is our informed understanding that the reviewing team at the EPA has reviewed our file in full, and have now transitioned our file to senior management for final review. Further updates will be provided as they become available," added Mr. Karon.

"We continue to believe these advanced claims will prove commercially beneficial to specific opportunities within the company's growing and broadening business channels. However, irrespective of the EPA approvals, the current trajectory of our business remains on track to deliver substantial growth this year and into 2023, from multiple new areas of business that are independent of these further claims," concluded Mr. Karon.

About iFabric Corp.
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX, has a sales run- rate of approximately C$20 million per year, is both solvent and profitable 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
Website: www.ifabriccorp.com

Investor relations:
Renmark Financial Services Steve Hosein
Tel: 514.939.3989
Email: shosein@renmarkfinancial.com

SOURCE: iFabric Corp.

View source version on accesswire.com:
https://www.accesswire.com/698479/iFabric-Provides-Update-on-EPA-Claims-Submission-Process

FAQ

What is the status of iFabric's EPA submission for ProTX2?

iFabric has announced delays in its EPA submission process for advanced efficacy claims regarding its ProTX2 fabric-treatment technology.

How much is iFabric's current sales run-rate?

iFabric has a sales run-rate of approximately C$20 million.

What are the implications of the EPA delays for iFabric?

The delays may affect iFabric's ability to secure advanced efficacy claims, which are important for commercial opportunities.

Is iFabric currently profitable?

Yes, iFabric is reported to be both solvent and profitable.

What is the stock symbol for iFabric Corp.?

The stock symbols for iFabric are TSX: IFA and OTCQX: IFABF.