IFABRIC CORPORATION - IFABF STOCK NEWS

iFabric Corp. (TSX:IFA, OTCQX:IFABF) will participate in Renmark Financial Communications' Virtual Non-Deal Roadshow on March 1, 2022, at 1:00 PM PST. The presentation, led by Hylton Karon, will cover the latest investor updates followed by a Q&A session. Stakeholders are encouraged to register for the event, with replay access available on iFabric’s investor website. The company, based in Markham, Ontario, offers innovative products through its subsidiaries, focusing on high-performance fabrics with intelligent properties, enhancing user safety and well-being.

iFabric Corp. (OTCQX: IFABF) reported its first-quarter fiscal 2022 results, revealing total revenues of $4,993,871, down 34% from $7,520,901 in Q1 2021. Core product revenue increased by 35% when excluding a previous emergency-use N95 mask order. The Intelligent Fabrics Division saw a 52% revenue decline, while the Intimate Apparel Division surged by 169%. Gross profit margins fell to 37%, while net earnings dropped to $167,960 or $0.006 per share. Despite challenges, the company's balance sheet remains strong, with ample liquidity for anticipated growth.

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.

iFabric Corp. has entered into a consulting agreement with Renmark Financial Communications Inc. to enhance investor relations, effective February 1, 2022. Renmark will support iFabric in expanding its US investor outreach, especially with anticipated EPA approval for PROTX2 treated fabrics expected this quarter. iFabric, based in Markham, Ontario, specializes in intelligent fabric technologies and intimate apparel, and currently has 29.6 million shares issued. The company aims to transform its market presence in 2022.

iFabric Corp (TSX:IFA)(OTCQX:IFABF) announced an anticipated EPA approval for public health claims regarding PROTX2-treated fabrics. The approval from the U.S. Environmental Protection Agency is expected in Q1 2022. This registration is considered groundbreaking by Giancarlo Beevis, President and CEO of iFabric's subsidiary, Intelligent Fabrics Technologies (North America) Inc., impacting various applications from medical apparel to consumer goods. iFabric currently has 29.6 million shares outstanding, focusing on intelligent fabric treatments.

iFabric Corp. announced a favorable ruling from the Shanghai International Economic Trade Arbitration Commission regarding a contract dispute with a Chinese N95 mask supplier. The company sought repayment of a $2,905,000 deposit and damages after the supplier failed to deliver 1,000,000 masks as agreed. The ruling mandates the supplier to return the deposit, pay $146,942 in liquidated damages and legal costs, and reimburse arbitration costs of RMB 445,902. Legal counsel will pursue recovery, but success is not guaranteed.

iFabric Corp. reported record achievements in revenue and earnings for the fiscal year ended September 30, 2021. Total revenues reached $19.76 million, a 72% increase from $11.52 million in 2020. The Intelligent Fabric Division saw a 94% revenue increase to $15.67 million, driven by PPE contracts and apparel programs. Gross profit rose to $7.76 million (39% margin), with net earnings of $2.37 million compared to a loss of $0.62 million in 2020. Working capital grew to $19.61 million, supported by a private placement and increased earnings.

iFabric Corp. (TSX:IFA)(OTCQX:IFABF) announced the renewal of a license and distribution agreement for its subsidiary, Coconut Grove Pads Inc. (CGP), with HBI IP Holdings Switzerland GmbH and Maidenform LLC. This agreement allows CGP to distribute intimate apparel accessories under Maidenform brands in various countries, including the US, Canada, Mexico, and the UK. The company will pay quarterly royalties based on net sales, with minimum annual royalties set at US $160,000 for 2022 and US $200,000 for 2023. The agreement is effective until December 31, 2023.

iFabric Corp (OTCQX: IFABF) announced strong revenue guidance for fiscal Q4 and the full year ending September 30, 2021. The company expects full-year revenues to range between CA$19.5 million and CA$20 million, marking a 70% increase from CA$11.5 million in 2020. Q4 revenues are projected at CA$5 million, up 40% year-over-year. Contributions come from new apparel programs with a major Canadian retailer and improved lingerie sales as retail stores reopen. Fully audited results will be available by December 31, 2021.