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Press release content from ACCESSWIRE. The AP news staff was not involved in its creation.

iFabric Corp. Reports Fourth Quarter and Annual Revenue and Earnings for Its Financial Year Ended September 30, 2019

December 24, 2019 GMT

MARKHAM, ON / ACCESSWIRE / December 23, 2019 / iFabric Corp. (“iFabric” or the “Company”) (TSX:IFA), today announced its results for its 4th quarter and fiscal year ended September 30, 2019.

Q4 ENDED SEPTEMBER 30, 2019 HIGHLIGHTS:

“I am very pleased with Q4′s positive turnaround, with both divisions contributing to the bottom line,” stated Hylton Karon, President and CEO of iFabric.

YEAR ENDED SEPTEMBER 30, 2019 HIGHLIGHTS:

Complete Financial Statements are available on www.sedar.com and the company’s website at www.ifabriccorp.com.

BUSINESS OUTLOOK:

Hylton Karon, President and CEO of iFabric provided the following brief summary of major developments during the year and prospects for the ensuing year:

Intelligent Fabrics

“The Intelligent Fabrics Division is maturing into a multi-faceted business. Responses to our stand-alone class leading technologies as well as our finished product design and manufacturing capabilities has caught the attention of major retailers and brands.

RepelTX has been adopted by several leading brands and now stands to join ProTX2 as a flagship technology.

New patents have been filed for innovative new apparel designs in both the USA and Canada.

The clinical trial for Protx2 has passed all required development phases, which has allowed the health care facilities to confirm a starting slot for official commencement towards the end of March 2020.

With new major apparel programs commencing around the middle of 2020, this division is expected to become the main revenue generator of the Company by the end of the next financial year. This will be a milestone for the Division.”

Intimate Apparel and Accessories

“A major packaging refresh and the launch of new products earlier in the year have shown immediate benefits, as is evidenced by the improved Q4 results. With a number of new customers recently added, a steady increase in online sales, new patent registrations, and new products launching in 2020, I feel confident that this division is on its way back to returning to be a positive contributor to iFabric’ s bottom line.”

FINANCIAL HIGHLIGHTS

Year Ended September 30Quarter ended September 30
2019201820192018

Revenue

$10,435,348$15,121,370$3,175,167$2,491,691

Income (loss) from operations

(1,650,029)1,266,425174,747(606,393)

Share based compensation

120,928151,83911,73922,987

Adjusted EBITDA *(Note)

(1,339,227)1,783,260383,096(467,219)

Net income (loss) after tax

(1,296,680)927,257293,946(222,058)

Net income (loss) after tax

attributable to shareholders

(1,299,863)924,743285,866(221,106)

Other comprehensive earnings (loss)

(44,204)182,403(149,418)(122,906)

Total comprehensive earnings (loss)

(1,340,884)1,109,660144,528(344,964)

Net earnings (loss) per share

Basic

0.0500.035(0.009)(0.009)

Diluted

0.0500.034(0.009)(0.009)

*Note: Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization and share based compensation.

ABOUT iFABRIC CORP:

Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.2 million shares issued and outstanding. Through its wholly-owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. (“IFTNA”) and Coconut Grove Pads Inc. (“Coconut Grove”), the Company offers a variety of products and services in both of its strategic divisions:

IFTNA is focused on performance apparel as well as proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of the consumer.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products and accessories.

FORWARD LOOKING STATEMENTS

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.

FOR FURTHER INFORMATION, please contact:

Hilton Price, CFO

Tel: 647.465.6161

Email:

Gary Perkins - Investor Relations

Tel: 416.882.0020

Email:

Jean-François Dubé (Québec) - Investor Relations

Tel: 514.233.9551

Email:

Website: http://www.ifabriccorp.com/

Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: iFabric Corp.

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