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iFabric Corporation (TSX: IFA)(OTCQX: IFABF) is a leading innovator and producer of cutting-edge textile and performance-apparel technologies. With a focus on developing high-performance sports apparel, medical protective apparel, and consumer protective apparel, iFabric sets itself apart through the use of intelligent properties in its treatments, including antiviral and antibacterial characteristics, water-repellence, and UV protection. The company's two strategic divisions, Intelligent Fabric Technologies (North America) Inc. (IFTNA) and Coconut Grove Pads Inc., offer a range of innovative products and services, from medical scrubs and lab coats to swimwear and activewear. iFabric's recent achievements include securing new performance apparel programs with prominent U.S. retailers, expanding its product offerings, and achieving record revenues and EBITDA quarter after quarter. Through ongoing innovation and a commitment to excellence, iFabric is poised for continued success and growth in the textile industry.
iFabric Corp. (TSX:IFA)(OTCQX:IFABF) held its annual general meeting on March 30, 2023, where shareholders approved all proposed resolutions.
Key outcomes include the re-election of all director nominees and a resolution fixing the number of directors at six. Additionally, BDO Canada LLP was appointed as the company’s auditors for the next year.
Voting results showed overwhelming support for the director nominees, with approval rates exceeding 99% for most. These developments strengthen corporate governance and provide stability for iFabric's strategic initiatives.
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.
iFabric Corp. (OTCQX: IFABF) reported its Q1 2023 financial results, with total revenues at $4,916,365, a slight decrease from $4,993,871 in Q1 2022. The Intelligent Fabrics Division saw revenues drop 7% to $3,087,556, impacted by approximately $1 million in lower chemical revenues due to Chinese lockdowns. However, the Intimate Apparel Division experienced a 10% revenue increase to $1,806,663. Gross profit margins improved to 40%, up from 37%, while net earnings fell to $134,566 (or $0.005 per share), down from $167,960 year-over-year.
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