MARKHAM, ON / ACCESSWIRE / October 13, 2021 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced that its wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"), and Air Quality Enhancement Corporation ("AQECO"), have successfully completed the co-development of a Protx2® treated, antiviral post air filter, suitable for use in commercial and residential buildings.
Under the co-development arrangement, IFTNA developed and supplied the Protx2® treated filter fabric and AQECO supplied its 24" by 24" post filter design and the remaining filter components. The filter is designed to work with most HVAC filtration systems in order to reduce the risk of contagion within the building. This post air filter will be manufactured and marketed by AQECO under its "NoviFresh® Airshieldä" brand. The initial efficacy testing of the "NoviFresh® Airshieldä" air filter was conducted against a surrogate virus by an internationally recognized laboratory and adds to IFTNA's knowledgebase of prior successful antiviral testing, including against H1N1, Influenza A&B, Norovirus, the Human Coronavirus and SARS-CoV-2, which causes the COVID-19 disease.
"I am extremely pleased that IFTNA is entering into this new market segment," stated Giancarlo Beevis, President and CEO of IFTNA. "Our technical team has done excellent work in developing and treating the fabric for the NoviFresh® air filter and I believe that there will be substantial demand for the NoviFresh® post air filter from employers and operators of commercial and residential buildings, due to the heightened concern for the safety and wellbeing of employees, tenants and the public at large, caused by the ongoing COVID-19 pandemic. In addition, the relatively low cost and ease of installation are strong selling points for adoption of this innovative and propriety air filter," concluded Giancarlo.
"By the nature of current HVAC systems, air with particulates that could contain viruses, circulates throughout buildings," stated David Picov, President of AQECO. "In June of this year we conducted a closed room Microbial Reduction Rate Test at the internationally recognized, Intertek laboratory in Columbus, Ohio. The test was conducted within an airflow of 2,000 cubic feet per minute utilizing our NoviFresh® Airshieldä post-filter treated with Protx2®. The test results showed that our post-filter deactivated 98.7% of the tested viral organisms within a timeframe of 5 minutes and deactivated 99.9% of the tested viral organism within a timeframe of 15 minutes," continued David.
"The NoviFresh® post-filter installs easily as an adjunct to existing HVAC filtration systems. It does not require expensive or extensive alterations, nor does it require UV lighting to reduce viral counts. The NoviFresh® post-filter simply slides between the existing particle filter and the HVAC coil to provide the required pathogen protection," concluded David.
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and currently has 29.6 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 development and sale of performance apparel, medical protective apparel, consumer protective apparel, as well as proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the consumer. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, amongst others.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.
Headquartered in Pickering, Ontario, Canada, AQECO's mission is to design, commercialize and distribute ground-breaking air quality enhancement products that can be integrated into HVAC systems.
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
Email: [email protected]
Tina Byers - Investor Relations
Email: [email protected]
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.