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Share Name | Share Symbol | Market | Type |
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TSXV:IFA | TSX Venture | Common Stock |
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MARKHAM, ONTARIO--(Marketwired - Jan 28, 2014) - iFabric Corp. (TSX-VENTURE:IFA), hereinafter referred to as "iFabric" or the "Company", today announced its financial results for the year ended September 30th, 2013 and the fourth quarter ended September 30th, 2013.
2013 YEAR ENDED SEPTEMBER 30th HIGHLIGHTS:
Q4 2013 HIGHLIGHTS:
SUBSEQUENT EVENTS:
"This capital injection has further strengthened the Company's working capital and shareholder equity balances and provides the wherewithal to meet testing and other costs required for our next level of regulatory submissions," said Hilton Price, CFO of iFabric.
"The 2013 year was an important milestone for the Company as it represents the final year that the Company's revenues were contributed to by only our apparel division. With the roll out of anti- microbial products to the market late in the fourth quarter of 2013, I am very optimistic that the growth goals that we established for the Company when we invested into intelligent textile technologies are now well on the road to being achieved," said Hylton Karon, President and CEO of iFabric.
Complete Financial Statements are available on www.sedar.com.
FINANCIAL HIGHLIGHTS | |||||||
Year Ended September 30 | Quarter ended September 30 | ||||||
2013 | 2012 | 2013 | 2012 | ||||
$ | $ | $ | $ | ||||
Revenue | 8,165,983 | 6,074,766 | 1,936,414 | 2,033,481 | |||
Income from operations | 602,513 | 330,910 | (10,485 | ) | 163,509 | ||
Share based compensation | (436,414 | ) | - | (90,204 | ) | - | |
Impairment loss | (300,253 | ) | - | (300,253 | ) | - | |
RTO transaction costs | - | (572,170 | ) | - | - | ||
EBITDA | 113,365 | (123,473 | ) | (651,463 | ) | 73,017 | |
Net income (loss) after tax | (144,806 | ) | (214,349 | ) | (381,410 | ) | 113,386 |
Net income (loss) per share | (0.006 | ) | (0.009 | ) | (0.016 | ) | 0.010 |
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.
Email: 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.
iFabric Corp.Hilton PriceCFO905 882-4513hilton.price@rogers.comiFabric Corp.Gary Perkins416 882-0020garyperkins@rogers.comhttp://www.ifabriccorp.com/
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