iFabric Corp Reports Financial Results for the First Quarter Ended December 31st 2014

MARKHAM, ONTARIO--(Marketwired - Feb. 27, 2015) - iFabric Corp (TSX VENTURE:IFA), hereinafter referred to as "iFabric" or the "Company", today announced its financial results for its first quarter ended December 31st 2014.

FIRST QUARTER ENDED DECEMBER 31st 2014 HIGHLIGHTS:

• Revenues of $3,042,404 vs $3,005,785 in 2013.
  
  
• Operating loss for the quarter of $131,725 compared to an operating profit of $314,023 in 2013. This operating loss is attributable to regulatory costs related to the Company's Environmental Protection Agency ("EPA") regulatory approval in respect of its products for entry into the medical market, as well as marketing and other costs incurred in advance of future sales for the intelligent fabrics division, which together amounted to $306,000. The loss also includes additional margin guaranty support of approximately $100,000, which was provided to major retailers by the Company's apparel division as an incentive to support current and future programs. Furthermore, an amount of $93,000 was paid and accrued in respect of severance to a former Director and Officer of the company.
  
  The Company's major push towards securing the regulatory approvals for entry into the medical market is now underway. This anti-bacterial and anti-viral medical market represents a very significant opportunity for iFabric", stated Hylton Karon President and CEO.
  
  "While sales to the sports market have commenced and I expect these to continue to grow, I wish to remind investors that our primary goal is, and has always been the medical market, which represents by far the largest opportunity for iFabric", added Mr. Karon.
  
  "Whilst the high level of costs associated with the testing of our unique formulations for regulatory approvals for the medical market, are currently affecting, and will continue to affect our operating performance in the short term, the medical market represents such a large market opportunity for the Company that once regulatory approvals are obtained, we anticipate significant and sustained growth in sales and profitability for the Company, and I remain extremely confident that we will meet these objectives", concluded Mr. Karon.