MARKHAM, ONTARIO / ACCESSWIRE / November 11, 2019 / iFabric Corp. hereinafter referred to as ("iFabric" or the "Company") (TSX:IFA.TO), today announced that its wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"), has renewed its license agreement with The North Face®, a division of VF Outdoor LLC., ("VF"). The agreement is for a further term of four years and provides The North Face® with an ongoing license to use PROTX2 in outdoor apparel, footwear and equipment manufactured and distributed by The North Face®.
In terms of the agreement, The North Face® will continue to exclusively use PROTX2 in all of their products that integrate an antimicrobial technology and in turn The North Face receives limited protection in their market segment.
"I am extremely pleased by the signing of this renewal as it continues to show the confidence that The North Face has in IFTNA's industry leading technology, PROTX2", said Giancarlo Beevis, President and CEO of IFTNA. "While PROTX2 is the initial focus of this agreement, we will continue to look at potential technologies to be integrated in The North Face's future product lines as they continue to innovate", concluded Mr. Beevis.
ABOUT THE NORTH FACE
The North Face, a division of VF Outdoor, LLC, was founded in 1966 with the goal of preparing outdoor athletes for the rigors of their next adventure. Today we are the world's leading outdoor brand, creating athlete-tested, expedition-proven products that help people explore and test the limits of human potential. We protect our outdoor playgrounds and minimize our impact on the planet through programs that encourage sustainability. The North Face products are available at premium and specialty retail sporting goods stores globally and we are headquartered in California on a LEED Platinum-certified campus. For more information, please visit www.thenorthface.com.
ABOUT PROTX2:
PROTX2 is effective against a wide range of micro-organisms including mold, mildew, fungi and odor causing bacteria. It provides long-term, effective control of micro-organisms. Its efficacy and safety has been documented in numerous peer reviewed publications, trade articles and certified tests. It is durable to deterioration through repeated washing.
ABOUT iFABRIC:
Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.0 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 lady's 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: [email protected]
Gary Perkins - Investor Relations
Tel: 416 882-0020
Email: [email protected]
Jean-François Dubé (Québec) - Investor Relations
Tel: 514 233-9551
Email: [email protected]
Website: www.ifabriccorp.com
Neither the TSX nor its Regulations Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: iFabric Corp