MARKHAM, ONTARIO--(Marketwire - Feb. 14, 2013) - iFabric Corp. (TSX VENTURE:IFA) ("iFabric" or the "Corporation") announces that it granted options on January 16, 2013, to acquire up to 1,450,000 common shares of the Corporation to directors and employees of the Corporation at an exercise price of $0.40 per share. These options were previously outlined in the Corporation's Filing Statement filed on SEDAR on April 27, 2012, and further noted in the notes to the audited financial statements filed on SEDAR on January 31, 2013.
Executive directors, Hilton Price and Cortney Aranoff, have been granted 500,000 options each. The options for Mr. Price vest in full immediately and those for Ms. Aranoff vest over five years, with the first 100,000 vesting immediately and then 100,000 on each of the subsequent anniversaries of the date of grant. Independent directors, Jeff Coyne, Mark Greenspan and Jason Garay, have been granted 100,000 options each which vest in full immediately. Two employees of iFabric were also granted 75,000 options each and 25,000 of these vest immediately and 25,000 on each of the subsequent two anniversaries of the date of grant. All of these option grants are for a five year term.
The granting of these options is subject to the approval of the TSX Venture Exchange.
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. The Corporation currently has 25.2 million shares issued and outstanding.
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.
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