iFabric Corp.

May 18, 2012 17:32 ET

iFabric Corp. Receives Conditional Approval for Qualifying Transaction

MARKHAM, ONTARIO--(Marketwire - May 18, 2012) - iFabric Corp. ("iFabric" or the "Corporation") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "Exchange") for its qualifying transaction (the "Qualifying Transaction") with Coconut Grove Textiles Inc. ("Coconut Grove") which was previously announced on January 28, 2011. The Corporation has now filed on SEDAR (www.sedar.com) its Filing Statement, dated April 26, 2012, which sets out the particulars of the Qualifying Transaction.

Closing of the Qualifying Transaction and Commencement of Trading

iFabric anticipates the closing of the Qualifying Transaction on or about May 22, 2012. Subject to final approval of the TSX Venture Exchange, trading in the shares of the Corporation is anticipated to commence shortly thereafter. Following completion of the Qualifying Transaction and issuance of the Final Exchange Bulletin announcing such completion, it is expected that trading will resume under a new trading symbol to be announced prior to trading.

Completion of this transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • iFabric Corp.
    Hilton Price
    Chief Financial Officer
    (905) 882-4513