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iFabric Corp. reports developments in technology-enhanced apparel and intelligent fabrics through its wholly owned subsidiary Intelligent Fabric Technologies (North America) Inc. Company updates frequently cover medical apparel programs such as Doctor's Choice scrubs and Frontline scrubs, along with proprietary textile technologies including PROTX2 antimicrobial treatment, ecoPEL fluorine-free durable water repellent technology, and DryTX moisture management.
Recurring news also includes financial results, revenue outlooks, retailer program expansions, and new product categories that apply IFTNA technologies to performance apparel, footwear, bedding, and other finished goods. The company's public updates also reference brand and retail programs including Verzus All Apparel, Roots branded footwear, and the Coconut Grove subsidiary within iFabric's broader operating structure.
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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.
iFabric Corp. announced that its subsidiary, Intelligent Fabric Technologies (North America) Inc., has received EPA registration for its new technology, bioACTIV AM. This innovative product integrates anti-microbial, anti-viral, deodorizing, and UV protection properties into a single application, offering significant process and cost efficiencies for customers. CEO Giancarlo Beevis highlighted the technology's unique ability to combine multiple performance attributes, allowing for customization across various industries. Marketing efforts for bioACTIV AM are set to commence in Q3 2023.