iFabric Corp Reports Record First Quarter Operating Results

iFabric Corp (TSX VENTURE:IFA), hereinafter referred to as "iFabric" or the
"Company", today announced its financial results for its financial quarter ended
December 31, 2013.


FIRST QUARTER ENDED DECEMBER 31, 2013 HIGHLIGHTS:



--  Revenues of $3,005,785 as opposed to $1,241,673 in the quarter ended
    December 31, 2012, an increase of 142%. This increase was attributable
    to new intimate apparel programs as well as initial shipments of anti-
    microbial products. 
--  Operating profit for the quarter was $314,023 compared to an operating
    loss of $46,946 in 2012, an increase of $360,969. 
--  After tax loss of $491,531 or $0.019 per share compared to an after tax
    profit of $12,411 or $0.001 per share for the quarter ended December 31,
    2012. The loss for the quarter is largely attributable to an amount of
    $752,532 in share based compensation, expensed as required under
    International Financial Reporting Standards ("IFRS"), in connection with
    the issuance of warrants and share options. 
--  Working capital increased to $5,119,970 as at December 31, 2013, an
    increase of $1,718,544 since September 30, 2013. The increase in working
    capital is attributable to net cash proceeds of $1,430,288 from an
    equity offering, which closed on December 13, 2013, as well as the net
    operating income for the quarter. 
--  Shareholder Equity increased to $6,855,460 from $5,164,171 as at
    September 30, 2013, representing an increase of $1,691,289. Increases in
    shareholder equity during the quarter resulted from net proceeds of
    $1,430,288 from the issue of 407,250 common shares pursuant to the above
    mentioned equity offering, as well as the value of $704,861 recognized
    in respect of 246,387 warrants issued in terms of the offering. The net
    after tax loss of $491,531 for the quarter accounted for a reduction in
    equity. 



"I am extremely encouraged that our ladies intimate apparel division continues
to show solid growth and whilst initial sales of anti-microbial products were
modest in the quarter, customer response to-date has been excellent and we look
forward to sustained sales growth in this division in the future," said Hylton
Karon, President and CEO of iFabric.


Complete Financial Statements are available on www.sedar.com.



                                                                            
FINANCIAL HIGHLIGHTS                                                        
                                                                            
                                               Quarter Ended December 31    
                                                       2013            2012 
                                                          $               $ 
Revenue                                           3,005,785       1,241,673 
                                                                            
Income from operations                              314,023         (46,946)
                                                                            
Share based compensation                           (752,532)              - 
                                                                            
EBITDA                                             (319,059)        (20,493)
                                                                            
Net income (loss) after tax                        (491,531)         12,411 
                                                                            
Net income (loss) per share                          (0.019)          0.001 



ABOUT iFABRIC CORP:

iFABRIC CORP currently has 25.84 million shares issued and outstanding. iFABRIC
is a manufacturer, distributor, licensor and licensee of ladies intimate apparel
products and accessories as well proprietary chemical compounds that render
fabrics intelligent, thereby improving the safety and well-being of the wearer.


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.


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


FOR FURTHER INFORMATION PLEASE CONTACT: 
iFabric Corp
Hilton Price
CFO
905 882-4513
[e-mail]


iFabric Corp
Gary Perkins
416 882-0020
[e-mail]
www.ifabriccorp.com