iFabric Corp.
TSX : IFA

iFabric Corp.

June 20, 2017 08:30 ET

iFabric Corp. Announces Change of Auditors

MARKHAM, ONTARIO--(Marketwired - June 20, 2017) - iFabric Corp. (TSX:IFA), hereinafter referred to as "iFabric" or the "Company", announces that it has changed its auditors from Shimmerman Penn LLP (the "Former Auditors") to BDO Canada LLP (the "Successor Auditors").

At the request of the Company, the Former Auditors resigned as auditors of the Company effective June 14, 2017 and the Board of Directors, on the recommendation of the Company's Audit Committee, has appointed the Successor Auditors as the Company's auditors in their place effective June 14, 2017, until the next annual general meeting of the Company.

There were no disagreements or unresolved issues with the Former Auditors on any matter of audit scope or procedures, accounting principles or policies, or financial statement disclosure. It is the Company's opinion that there have been no "reportable events" (as defined in National Instrument 51-102 - Continuous Disclosure Obligations) between the Company and the Former Auditors. None of the Former Auditors' reports on the Company's financial statements for the period between October 1, 2014 and June 14, 2017, contained a modified opinion.

The Notice of Change of Auditors, together with the letter from the Former Auditors and the letter from the Successor Auditors, has been reviewed by the Company's Audit Committee and its Board of Directors.

ON BEHALF OF THE BOARD

Hylton Karon, President & Chief Executive Officer

Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release. This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgement as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.

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