iFabric Secures Global Rights for Technologies and Finalizes Protocol With the EPA
December 10 2013 - 8:29AM
Marketwired
iFabric Secures Global Rights for Technologies and Finalizes
Protocol With the EPA
MARKHAM, ONTARIO--(Marketwired - Dec 10, 2013) - iFabric Corp.
(TSX-VENTURE:IFA) ("iFabric" or the "Company") today announced that
its wholly-owned subsidiary, Intelligent Fabric Technologies (North
America) Inc. ("IFTNA"), has executed an agreement that secures
global distribution and marketing rights of antimicrobial,
antiviral and other textile technologies.
The execution of the agreement provides several significant
benefits to iFabric:
- Expansion of distribution and marketing rights from North
American rights to Worldwide rights;
- A direct, and more secure, relationship with the manufacturer
of the technologies, including access to future product
advancements and developments;
- Increased product margins as a result of the direct
relationship with the manufacturer; and
- The elimination of the previous profit share arrangement.
As a result of securing the global rights to the products, IFTNA
will rebrand on a global basis, its current offerings of
antimicrobial, antiviral and other products. In addition, these
products will now be offered on a global basis and will not be
restricted to only the North American market as was previously
designed.
"This new agreement clearly demonstrates the confidence the
manufacturer has in the Company to execute on the future growth
plans for these products. The agreement provides us with not only
worldwide distribution rights at increased margins, but also a
direct contractual relationship with the manufacturer and more
efficient supply of our product to our customers," said Hylton
Karon, President and CEO of iFabric. "In addition, we now have the
ability to supply technical assistance and advice on product
development in a wide variety of market areas on a global basis,"
he added.
IFTNA is terminating its existing Joint Venture Agreement
("JVA") with Intelligent Fabric Technologies Plc ("IFT-UK",) an
unrelated company. The agreement with IFT-UK is being terminated
for reasons of breach of material terms of the JVA by IFT-UK. The
severance of the JVA will result in a onetime write-off of
approximately $300,000 in current Joint Venture balances in the
quarter ended September 30, 2013 and reflected in the audited
financial statements of the Company for the year ended September
30, 2013, which are expected to be released during the third week
of January 2014. "The execution of the new agreement ensures that
business will not be affected by the termination of the JVA" stated
Mr. Karon. The Company also estimates that future costs in
connection with the new branding of the technologies will amount to
approximately $100,000. These costs will be expensed as
incurred.
The Company is also pleased to announce the approval from the
United States Environmental Protection Agency ("the EPA") of its
public health claims testing protocol.
"This represents the culmination of a three year process during
which our protocol was developed in conjunction with the EPA and
marks an important milestone towards higher level medical claims,"
said Hylton Karon. "However, there is still additional testing
required in bringing this project to fruition," he added.
ABOUT iFABRIC CORP:
iFABRIC CORP currently has 25.4 million shares issued and
outstanding. iFABRIC, through its subsidiary companies, is a
manufacturer, distributor, licensor and licensee of ladies intimate
apparel products and accessories as well proprietary chemical
compounds that render fabrics intelligent, thereby improving the
safety and well-being of the wearer.
Forward-looking statements provide an opinion as to the effect
of certain events and trends on the business. Certain statements
contained in this news release constitute forward-looking
statements. The use of any words such as "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "should", "believe"
and similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based on current
expectations and various estimates, factors and assumptions and
involve known and unknown risks, uncertainties and other factors.
Forward-looking information includes, but is not limited to,
statements with respect to the development potential of the
Company's products.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Readers are cautioned not to place undue reliance on these
statements as the Company's actual results, performance, or
achievements may differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements if known or unknown risks, uncertainties
or other factors affect the Company's business, or if the Company's
estimates or assumptions prove inaccurate. Therefore, the Company
cannot provide any assurance that forward-looking statements will
materialize. The Company assumes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or any other reason except as required
by applicable securities laws.
Any financial outlook or future oriented financial information
in this news release, as defined by applicable securities
legislation, has been approved by management of iFabric. Such
financial outlook or future oriented financial information is
provided for the purpose of providing information about
management's reasonable expectations as to the anticipated results
of its proposed business activities. Readers are cautioned that
reliance on such information may not be appropriate for other
purposes. The forward-looking statements contained in this press
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
iFabric Corp.Hilton PriceCFO(905) 752-0566 Ext.
205hilton.price@rogers.comwww.ifabriccorp.comiFabric Corp.Gary
PerkinsInvestor Relations(416) 882-0020garyperkins@rogers.com
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