iFabric Corp Announces Reliance on Temporary Regulatory Filing Relief

Markham, Ontario–(Newsfile Corp. – May 13, 2020) – iFabric Corp. (TSX: IFA) (“iFabric” or the “Company”), announces that it intends to rely on the temporary blanket relief (“Relief”) for market participants from certain regulatory filings published by Canadian securities regulators on March 23, 2020 as a result of the COVID-19 pandemic.

The Company is relying on the Relief in delaying the filing of its interim financial statements and related management discussion and analysis for the three and six month period ended March 31, 2020 required pursuant to National Instrument 51-102 Continuous Disclosure Obligations and related certifications of such documents required pursuant to National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings (collectively, the “Required Interim Filings”) beyond the filing deadline of May 15, 2020, and compliance with the delivery requirements of applicable securities laws relating to the Required Interim Filings.

The officers and directors of the Company and certain other persons will remain subject to a trading black-out that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, pursuant to which such persons are prohibited from trading in any securities of the Company until the end of the second full trading day following the day on which the Required Annual Filings are filed on SEDAR and a corresponding news release is issued by the Company.

The Company currently intends to make the Required Interim Filings by June 9, 2020.

Other than the potential impacts to the Company’s business from COVID-19, which are not yet known, there have been no material business developments in respect of the Company since the filing of the Company’s interim financial statements and related management discussion and analysis for the three months ended December 31, 2019 on February 13, 2020 on SEDAR (www.sedar.com).

About iFabric Corp.

Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com is listed on the TSX and 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 consumers.

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

Forward looking information

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. Forward-looking information in this press release includes, but is not limited to, information regarding the intended filing of the Required Interim Filings and the timing thereof. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking information. These risks include, but are not limited to, those associated with our capacity to finance our activities, the adequacy, timing, and results of testing of our products, the regulatory approval process, competition, market acceptance of the Company’s products, the strength of intellectual property, the success of research and development programs, reliance on subcontractors and key personnel, and other risks and uncertainties detailed from time-to-time in our filings with the Canadian securities regulators.

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.

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: hilton.price@rogers.com

Gary Perkins – Investor Relations
Tel: 416.882.0020
Email: garyperkins@rogers.com

Jean-François Dubé (Québec) – Investor Relations
Tel: 514.233.9551
Email: jfdube@mac.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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55808