MARKHAM, ONTARIO--(Marketwired - Nov. 18, 2016) - iFabric Corp. ("iFabric" or the "Company") (TSX:IFA) announces that the Toronto Stock Exchange ("TSX") has consented to the extension of the time to exercise warrants previously issued on December 13, 2013. A total of 203,625 warrants issued as part of a brokered private placement on December 13, 2013, were due to expire on December 13, 2016, and have been extended to now expire December 13, 2017. The amendment to the expiry date of these warrants will be effective 10 business days following the date of this news release. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $5,25 per share. All warrantholders are arm's length to the Company.
Due to the generally slower economic environment the Company currently finds itself in, it would like to be able to offer warrantholders a chance to have an extended timeframe to make a decision regarding exercise of the warrants. A longer expiry date will provide the Company with the possibility that the warrants may be exercised in the future when, hopefully, there is an opportunity to benefit from the additional funds that may become available.
About iFabric Corp.
Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 25.9 million shares issued and outstanding. Through its wholly-owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove"), the Company offers a variety of products and services in both of its strategic divisions. IFTNA is focused on proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of the consumer. Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products, accessories and sleepwear.
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.