iFabric Corp. Receives FDA Medical Device Registration for Apparel Products Utilizing Multiple Textile Technologies

MARKHAM, ON / ACCESSWIRE / April 30, 2024 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA.TO)(OTCQX:IFABF), a leading provider of innovative apparel and textile technologies, announces its wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"), has successfully obtained a U.S. Food and Drug Administration ("FDA") Medical Device Registration for its revolutionary apparel products integrating multiple textile technologies.

"This landmark achievement underscores IFTNA's commitment to pioneering advancement at the intersection of textiles and healthcare. Leveraging cutting-edge research and development, IFTNA has created a range of apparel products designed to provide superior comfort, functionality, and therapeutic benefits to users," stated Giancarlo Beevis, President, and Chief Executive Officer of IFTNA.

"This FDA registration validates the efficacy and safety of IFTNA's innovative apparel solutions, positioning the company as a trusted partner for improving outcomes in the healthcare industry. This milestone opens doors to new opportunities for IFTNA, allowing the company to explore additional medical device registrations and expand its footprint in the rapidly growing healthcare segment," concluded Mr. Beevis.

About iFabric Corp:

Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").

IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.

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

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", "plans", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.