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. 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.
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.