MARKHAM, ON / ACCESSWIRE / March 13, 2024 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), a leading creator and producer of innovative textile and performance-apparel technologies, today provides a preliminary revenue outlook for fiscal 2024, showcasing a promising sales trajectory marked by customer relationship expansions and broadening of its range of product offerings.
"I am thrilled to announce iFabric's has secured new performance apparel programs with three national-level retailers based in the United States. These programs are poised to significantly bolster our company's revenues," stated Hylton Karon, President and Chief Executive Officer of iFabric Corp. "Specifically, these initiatives will increase revenue in 2024, taking our full-year sales to the range of $28 to $32 million" continued Mr. Karon.
"Our fiscal 2024, now ending December 31st, will also witness the introduction of performance-apparel programs in clothing categories that are new to iFabric, reinforcing our company's position as an industry leader in innovative textile solutions. Specifics of these new programs are targeted to be disclosed across 2024 and in cooperation with our customers. Strategically, iFabric is focused on increasing our penetration of the United States market in 2024, laying the groundwork for continuing sales and earnings growth in 2025," continued Mr. Karon.
"We welcome the continuing expansion of iFabric's range of performance-apparel programs," noted Mr. Karon, "It now includes industry-leading products in the areas of medical scrubs, lab coats, rainwear, swimwear, underwear, activewear, and more. Based on their superior properties, we are gratified to see the successful integration of our company's textile technologies into a number of the world's best brands and their performance-apparel offerings. iFabric will continue its relentless pursuit of innovation and stay resolute in delivering cutting-edge textile solutions that resonate strongly with the buying public, driving our continuing growth," concluded Mr. Karon.
About iFabric Corp:
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").
IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.
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", "plans", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's annual information form dated December 29, 2022 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
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. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
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 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.
FOR FURTHER INFORMATION please contact:
Hylton Karon, President and CEO
Tel: 905.752.0566 ext 201
Email: hyltonk@ifabriccorp.com
Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com
Website: 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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