Ifabric Corp Stock Price, News & Analysis

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.

iFabric Corp. (TSX:IFA)(OTCQX:IFABF) announced a collaboration between its subsidiary, Intelligent Fabric Technologies (North America) Inc. (IFTNA), and Air Quality Enhancement Corporation (AQECO) to develop a Protx2® treated antiviral post air filter. This product, branded as NoviFresh® Airshieldä, targets the reduction of contagion risks in commercial and residential buildings. Efficacy tests demonstrated a 98.7% viral deactivation rate in 5 minutes and 99.9% in 15 minutes. The filter integrates easily with existing HVAC systems and requires no extensive modifications.

OTC Markets Group Inc. has announced that iFabric Corp. has qualified to trade on the OTCQX Best Market, upgrading from the Pink market. This move enables U.S. investors to trade under the symbol 'IFABF' as of today. The upgrade aligns with iFabric's strategy to increase transparency and accessibility for U.S. investors, especially considering its significant sales from the U.S. market. iFabric is recognized for its anti-bacterial and anti-viral textile innovations aimed at combating healthcare-acquired infections, with a focus on gaining regulatory approvals from the U.S. Environmental Protection Agency.

iFabric Corp. (IFABF) reported a significant turnaround in its Q3 2021 financial results, achieving revenues of $4.16 million, representing a 29% increase year-over-year. The Intimate Apparel Division saw a remarkable 468% increase in revenue due to normalized retail operations post-COVID. Despite an 18% revenue decrease in the Intelligent Fabrics Division, gross profit improved to 48% from 30%. Net earnings before tax turned positive at $854,556, a turnaround of nearly $1.49 million.

iFabric Corp. has engaged Independent Trading Group to provide market-making services on the Toronto Stock Exchange. This collaboration aims to enhance the liquidity and market presence of iFabric's shares, with services commencing on February 12, 2021. According to the Services Agreement, ITG will receive C$6,000 per month for an initial three-month term, followed by month-to-month renewals unless terminated with 30 days' notice. iFabric operates through subsidiaries providing performance and protective apparel, as well as ladies' intimate apparel.

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.