IFA

iFabric Corp. (TSX VENTURE:IFA) ("iFabric" or the "Corporation") is pleased to
announce, further to its news release dated May 18, 2012, that the TSX Venture
Exchange ("TSX-V") has granted final acceptance of the Corporation's application
for listing. The Corporation was original listed as a capital pool company,
under the name Leezamax Capital Corp., and subsequently de-listed from the TSX-V
for failure to complete its qualifying transaction (the "Qualifying
Transaction") within the time period pursuant to the policies of the TSX-V. The
Corporation changed its name to iFabric Corp., consolidated the issued and
outstanding common shares on the basis of two 'old' common shares for one 'new'
common share and completed the acquisition of Coconut Grove Textiles Inc.
("Coconut Grove"). Coconut Grove is a private Ontario corporation which is
engaged in the business of designing, manufacturing, marketing and distributing
apparel, accessories, speciality textiles and chemicals. The acquisition of
Coconut Grove also satisfied the TSX-V requirement to complete a Qualifying
Transaction.


As of the opening of trading on June 6, 2012, the Corporation is no longer be
considered a capital pool company and the Corporation's common shares began
trading on the TSX-V under the trading symbol "IFA". The Corporation is
classified as an industrial Tier 2 Issuer on the TSX-V.


Completion of Qualifying Transaction

iFabric acquired all of the issued and outstanding common shares of Coconut
Grove from the shareholders of Coconut Grove in exchange for a total of
24,412,500 post-consolidated common shares at a deemed price of $0.40 per share.
The deemed value of the transaction is $9,765,000. As a result of the Qualifying
Transaction, Coconut Grove became a wholly-owned subsidiary of the Corporation.
Upon completion of the acquisition there are a total of 25,237,500 common shares
issued and outstanding, together with 1,350,000 incentive stock options.


The board of directors of the Corporation now consists of six directors: Hylton
Karon, Hilton Price, Cortney Scheiner, Jason Garay, Jeff Coyne and Mark
Greenspan. The officers of the Corporation are Hylton Karon, President and Chief
Executive Officer, Hilton Price, Chief Financial Officer and Corporate
Secretary.


In connection with the Qualifying Transaction the Corporation obtained a new
CUSIP and ISIN number: CUSIP# 45172X203; ISIN# CA45172X2032. 


Details respecting the business of Coconut Grove Textiles Inc. and the
Qualifying Transaction can be found in the Corporation's Filing Statement dated
April 26, 2012, which is available for review at www.sedar.com.


About iFabric 

iFabric, through its wholly-owned subsidiary, Coconut Grove, an Ontario
corporation, is in the business of designing and manufacturing women's intimate
apparel and, in particular, a range of specialty bras including the
Corporation's patented backless, strapless underwire bra. The Corporation also
distributes a range of complimenting accessories. iFabric's customer base
includes a number of major retailers situate in its main market regions being,
the UK, USA and Canada. Another division of Coconut Grove, Intelligent Fabric
Technologies (North America) Inc., is in the business of distributing a range of
specialty textiles as well as a number of chemical products that are suitable
for application to textiles.

iFabric Corp. (TSXV:IFA)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

iFabric Corp. (TSXV:IFA)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024