Welcome to our dedicated page for Ifabric news (Ticker: IFABF), a resource for investors and traders seeking the latest updates and insights on Ifabric stock.
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.
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.
iFabric Corp. held its annual meeting on March 31, 2022, where shareholders approved all resolutions. Notably, all director nominees were re-elected, with votes for varying between 99.85% to 99.97%. The meeting also confirmed BDO Canada LLP as auditors for the upcoming year and authorized unallocated stock options for an additional three years. The company operates through its divisions: Intelligent Fabric Technologies, focusing on high-performance sports and medical apparel, and Coconut Grove, which specializes in ladies' intimate apparel.
iFabric Corp. provides an operations update and outlook for fiscal 2022, highlighting key developments and milestones. The EPA's review of the PROTX2 health claims application is delayed, now expected by mid-April. Clinical trials for PROTX2-treated textiles are set to commence end-March. The company will launch its direct-to-consumer brand VERSUZ ALL Apparel in June 2022. Additionally, a warehouse upgrade has increased storage capacity by 50%. The intimate apparel division is expanding into new regions, including Mexico and South & Central America, accompanied by recovering sales.
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.