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 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.
iFabric Corp. has donated the initial production of its AVguard anti-viral laundry additive to The Village Medical Centre in Johannesburg, South Africa. This product, incorporating the company's PROTX2 technology, shows over 99.9% effectiveness against SARS-CoV-2, highlighting its potential as a crucial tool in combating COVID-19 transmission. The donation is considered a stepping stone towards the product's official launch, aimed at markets with lower regulatory barriers. Dr. Paul Freinkel from The Village Medical Centre noted the significant benefits AVguard brings to healthcare practitioners.