iFabric Corp Announces Antiviral and Antibacterial Textile Treatment Is Effective Against COVID-19

May 11, 2020 9:33 AM EDT | Source: iFabric Corp.

Markham, Ontario--(Newsfile Corp. - May 11, 2020) - iFabric Corp. (TSX: IFA) ("iFabric" or the "Company"), today provides details of its test results about the efficacy of fabrics treated with the Company's proprietary PROTX2 technology for inactivating the SARS-CoV-2 virus, which is the cause of COVID-19 disease.

iFabric advises that efficacy testing of PROTX2 treated fabric against the SARS-CoV-2 virus was carried out by an internationally recognized, independent laboratory to establish its ability to inactivate the virus at time points of 10 minutes, 1 hour, 6 hours, and 24 hours. The laboratory reported that the treated fabrics demonstrated a greater than 99.9% reduction in active viral loads on the tested fabrics at each of the four time points. This represents a more than 1,000-fold reduction in active viral load when compared to untreated fabric.

"Motivated by the global need for protection of front-line workers and civilians alike, we are extremely excited to answer the call and bring forward a new weapon in the battle against the COVID-19 pandemic," stated Hylton Karon, President and CEO of iFabric. "I believe this will be a game changer for iFabric and we will be distributing a number of PROTX2 treated products for medical, industrial, and consumer uses. The necessary emergency approvals from the United States Environmental Protection Agency (EPA) and Food and Drug Administration (FDA), and Health Canada are already in progress. The inclusion of this technology in products like PPE's (personal protective equipment) will provide a much-needed additional level of protection for current front-line workers. As we prepare to re-open our economies, we see this technology in many applications, not only in the medical market, but in everyday apparel for added protection," concluded Hylton Karon.

About iFabric Corp.

Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com is listed on the TSX and currently has 26.2 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 performance apparel as well as proprietary chemical formulations that render fabrics, foams, plastics and numerous other surfaces intelligent, thereby improving the safety and well-being of consumers.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products and accessories.

Forward looking information

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. Forward-looking information in this press release includes, but is not limited to, statements with respect to the required approvals and the timing thereof and the potential adoption of PROTX2 for COVID-19 related uses in medical applications and elsewhere. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking information. These risks include, but are not limited to, those associated with our capacity to finance our activities, the adequacy, timing, and results of testing of our products, the regulatory approval process, competition, market acceptance of the Company's products, the strength of intellectual property, the success of research and development programs, reliance on subcontractors and key personnel, and other risks and uncertainties detailed from time-to-time in our filings with the Canadian securities regulators.

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.

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.

Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com

Gary Perkins - Investor Relations
Tel: 416.882.0020
Email: garyperkins@rogers.com

Jean-François Dubé (Québec) - Investor Relations
Tel: 514.233.9551
Email: jfdube@mac.com

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55649