iFabric Corp Reports Record Third Quarter 2013 Results

iFabric Corp ("IFA.V") (TSX VENTURE:IFA), hereinafter referred to as "iFabric"
or the "Company", today announced its financial results for the third quarter
ended 30th June 2013. iFabric has a 30th September year end.


Q3 HIGHLIGHTS:



--  Revenues of $2,709,015 
--  Revenues up 50% over Q3 2012 
--  Gross profit up 61% over Q3 2012 
--  Operating income up 350% over Q3 2012 



In the quarter ended 30th June 2013, revenues increased to $2,709,015 compared
to $1,802,833 in the corresponding quarter in 2012, an increase of 50%. Gross
profit in the quarter was $1,504,110 (or 56% of sales), compared to $936,183 (or
52% of sales) in the corresponding quarter in 2012, representing an increase of
$567,927 (or 61%) over 2012.


Operating income, before taxes and before non-recurring items for the third
quarter ended 30th June 2013 was $600,382 or $0.020 per share, fully diluted,
compared with $133,381 in the corresponding quarter of 2012 or $0.006 per share,
fully diluted, an increase of 350%. Net profit after tax for the third quarter
ended 30th June 2013 was $199,715 or $0.008 per share, after non-recurring
expenses of $263,065 comprised of $73,065 attributable to share based
compensation due to the granting of stock options to directors and officers of
the company as well as approximately $190,000 in design, selling and marketing
costs expensed ahead of future sales programs. Net loss after tax in the
corresponding quarter in 2012, was $550,149 or a loss of $0.024 per share.


The Company's Balance Sheet remains strong. With a working capital ratio of 2.7
to 1, operating debt of $659,983 and cash of $339,126, the Company is well
capitalized to fund its operations. Shareholders' Equity increased to $5,430,212
from $4,772,563.


Operating income before taxes and before non-recurring items for the nine months
ended 30th June 2013 was $1,185,240 or $0.046 per share, fully diluted, compared
with $427,193 in the corresponding nine months in 2012 or $0.018 per share,
fully diluted. For the nine months ended 30th June 2013, revenues increased to
$6,148,879 compared to $3,974,425 in the corresponding nine months of 2012, an
increase of 55%. Gross profit for the nine months was $3,462,291 (or 56% of
sales), compared to $2,136,156 (or 54% of sales) in the corresponding nine
months, representing an increase of $1,326,135 (or 62%)..


Net profit after tax for the nine months ended 30th June 2013 was $231,439 after
non-recurring expenses of $736,210 comprised of $346,210 attributable to share
based compensation due to the granting of stock options to directors and
officers of the Company as well as approximately $390,000 in design, selling and
marketing costs expensed ahead of future sales programs. Net loss in the
corresponding nine months in 2012 was $327,672.


"Sales for the nine months have now exceeded those for the full 2012 financial
year and with sales of our Cliniweave technology to major customers expected to
commence in the fourth quarter I am confident that we are on track to achieve
the growth objectives that we set for the Company when we listed in June of
2012. This is our second consecutive record quarter which, is indicative of
strong momentum that was initially fueled by the launch of new Intimates
programs in the early part of the year and which I anticipate will, in the near
future, be sustained by sales of intelligent textile technologies to the wider
market", stated Mr. Hylton Karon, CEO & President of iFabric.


CLINIWEAVE provides long-term effective control against a wide range of common
pathogens, including mold, mildew, fungi and odor causing bacteria. Its efficacy
and safety has been documented in peer reviewed publications and certified
laboratory tests. It is durable through repeated washing and is proven to kill
bacteria associated with hospital acquired infections. Medical facility uses for
Cliniweave include bedding, curtaining, air filters, scrubs, masks and surfaces
amongst others.


Complete Financial Statements are available on www.sedar.com



FINANCIAL HIGHLIGHTS                                                        
                                                                            
                                                                            
                             3 months ended June 30  9 months ended June 30 
                                    2013       2012         2013       2012 
                                       $          $            $          $ 
                                                                            
Revenue                        2,709,015  1,802,833    6,148,879  3,974,425 
                                                                            
Income from operations           600,382    133,381    1,185,240    427,193 
                                                                            
EBITDA                           363,483   (560,029)     527,990   (197,120)
                                                                            
Net income after tax             199,715   (550,149)     231,439   (327,672)
                                                                            
Net income per share               0.008     (0.024)       0.009     (0.014)



ABOUT iFABRIC CORP:

iFABRIC CORP currently has 25.4 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]
http://www.ifabriccorp.com/