yielddude
11 months ago
iFabric Corp Announces Issuance of New United States Utility Patent for Antiviral Applications on Textiles
6/13/2023
MARKHAM, ON / ACCESSWIRE / June 13, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced that its wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"), has been granted a utility patent by the United States Patent and Trademark Office, in respect of an Antiviral Composition for textile use, predicated on the company's innovative PROTX2 AV Anti-bacterial and Anti-viral technology.
"The granting of this new US patent proves once again the innovative strength of IFTNA and, in particular our PROTX2 range of technologies. Specifically, the patent protects the use of PROTX2 AV in imparting anti-viral properties to any textile," stated Giancarlo Beevis, President and CEO of IFTNA.
"This patent grant is another important milestone, as we continue to move forward with the commercialization of PROTX2 treated products in the medical, hospitality, travel, and consumer markets," concluded Mr. Beevis.
ABOUT ProTX2
ProTX2® is a powerful eco-friendly technology that provides antibacterial, antimicrobial, antimold, anti-mildew, and anti-odor protection. When treated, each textile fiber is fundamentally transformed through PROTX2®'s technology, providing proprietary unrivaled protection against pathogens associated with healthcare-associated infections as well as the toughest odors, for medical and performance textiles.
https://finance.yahoo.com/news/ifabric-corp-announces-issuance-united-103000578.html
yielddude
12 months ago
iFabric Corp Announces Breakthrough in EPA Public Health Claims Approval Process With Initial Registration of PROTX2 for Use in Non-Apparel Products
5/2/2023
MARKHAM, ON / ACCESSWIRE / May 2, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced that its wholly-owned subsidiary company, Intelligent Fabric Technologies (North America) Inc. ("IFTNA"), has received a United States Environmental Agency ("EPA") registration for PROTX2® as a "Continually Self-Sanitizing Textile". This registration allows textiles treated with the PROTX2 technology, to make public health claims for use in non-apparel products, which includes, curtains, carpeting and home furnishing fabrics, amongst others.
"This new EPA registration is an extremely positive step forward, as public health claims for non-apparel products will help drive adoption of our textile treatments for those uses. That being said, we remain committed to obtaining comprehensive public health claims across all textile categories and that broader application process remains in process," said Giancarlo Beevis President and CEO of IFTNA. "Under this new registration, qualifying textile products integrating PROTX2, are now able to make a number of meaningful public health claims including:
PROTX2® Treated Textiles - Kills 99.99% of bacteria in 10 mins, with nonstop disinfection for 24 hours;
Kills pathogenic bacteria;
Kills 99.99% of bacteria non-stop for 24 hours; and
Continuously disinfects bacteria after 24 hours of continuous use without washing.
With this registration in hand, we can immediately make "kill claims" on a selection of products within non-apparel market sectors, creating an important catalyst to attract new customers representing significant market segments within home, office and healthcare settings," concluded Mr. Beevis.
ABOUT ProTX2
ProTX2® is a powerful eco-friendly technology that provides antibacterial, antimicrobial, antimold, anti-mildew, and anti-odor protection. When treated, each textile fiber is fundamentally transformed through PROTX2®'s technology, providing proprietary unrivaled protection against pathogens associated with healthcare-associated infections as well as the toughest odors, for medical and performance textiles.
yielddude
1 year ago
17 iFabric is geared up for growth and the stock is value-priced
Posted by: Gerry Wimmer
12/17/2022
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NEW - TOP IDEAS: New contract wins in its intelligent fabrics business are adding to the expected record revenue growth, and iFabric Corpâs (TSX: IFA) shares are still trading near the Company's book value. The stock is appointed to Investorfileâs list of Top Ideas as a small cap value investment opportunity.
What started out as an intimate apparel company back in the 1990s (a division which continues to operate profitably today), the main driving force behind iFabricâs future growth and expansion is the Companyâs intelligent fabrics business. This includes the development, testing and distribution of specialty textiles, as well as chemicals suitable for application to textiles on apparel that improves the safety and well-being of the wearer.
Based in Markham, Ontario, iFabric Corp.âs (TSX: IFA â C$0.55) wholly owned subsidiary, Intelligent Fabric Technologies (IFT), has exclusive worldwide distribution rights consisting of a number of proprietary chemical formulations that can be applied to textiles in order to kill bacteria and viruses, repel insects, absorb odours, repel and wick moisture, block ultraviolet light and help encourage a healthy skin environment, amongst others, the Company says. These treated textiles become finished performance apparel, medical apparel and protective products, as well as swimwear, which integrate one or more chemical enhancements in order to achieve the performance characteristics demanded by the Companyâs customers and consumers.
As described by iFabric, IFT current product offerings include Protx2® (anti-microbial and anti-viral formulations), Enguard® (insect repellant technology), Dreamskin® (skin polymer), UVtx (ultraviolet light blocker), FreshTx (odour-absorbing technology), RepelTX (durable water repellant) and DryTx (moisture-wicking technology), among others. The Company anticipates that several new formulations and new generations of existing formulations will be added to its pipeline in the future.
The IFT division has two key supply centres in Asia (namely China and Taiwan) which service the Asian market. This market represents the main production region for manufactured textiles supplied to North America and internationally, and is the Companyâs main market area for the distribution of intelligent textile technologies. That being said, it is also exploring production options outside of Asia, too.
These supply centres offer technical support for IFT customers regarding the integration of the IFT chemical formulations in their apparel products when they are manufactured by the customer directly. Because the parent company IFabric has textile expertise, IFT also supplies finished performance and protective apparel products (treated with one or more of its formulations) on behalf of its customer brands or under its own brands.
Today, many major brands have finished apparel which integrates one or more chemical enhancements developed by IFT. According to the Company, Under Armour, Lululemon, Walmart, Target, TUMI, The North Face, Roots, Hanes, Kohlâs and Amazon are all top customers of IFT.
According to iFabric, the technology-enhanced textile market is growing rapidly. The Company says that the Global Smart Textiles Market is projected to reach US$13.6 billion by 2027. The Global Antimicrobial Textiles Market is projected to reach US $11.5 billion by 2027 and the Global Cooling Textiles Market US$3.4 billion.
About six months ago, IFT was the beneficiary of a number of major developments. First, IFT announced the execution of a license agreement with the famous Canadian apparel brand, Roots. This license provides IFT with the right to use Roots' trademarks in connection with the manufacturing and distribution of menâs, womenâs and children's swimwear to retailers and other approved distribution channels, including Roots stores. The Company says this deal will bolster revenues in its fiscal Q2 & Q3 quarters, which historically have been weaker due to some seasonality of its business.
The second major development was a new license agreement with The North Face. This agreement provides The North Face with the right to use IFTâs RepelTX and ecoPEL chemical formulations in its outdoor apparel, footwear and equipment manufactured and distributed by The North Face. The Company has said that The North Face becomes the first major customer to adopt the use of RepelTX and ecoPEL in a wide range of products.
To date, in the first nine months of fiscal 2022, the Company reported revenues of C$13.7 million, which is down somewhat from 2021. But, revenues in fiscal Q3 2022 rose 26% year-over-year to C$5.24 million, with 32% of the growth coming from the IFT business division and 19% from iFabric's legacy business division, which produces intimate apparel. About two thirds of total revenue is derived from the IFT division. Blended gross margins are around 40%. iFabric earned C$360,469 in Q3 with earnings per share of C$0.01. In Q3, adjusted EBITDA was C$536,778, representing a margin of 10% on revenues.
iFabric has good balance sheet with a strong current ratio. As of June 30, 2022 the Company had C$2.6 million in cash and an undrawn operating bank loan. We note at that time the inventory value was high at C$10.8 million. According to the Company, inventory was brought in early this year to avoid shipping issues in China and was required for confirmed customer programs for the remainder of 2022. We expect that a sizable portion of inventory will be converted into cash during the first half of fiscal 2023 and inventory levels will begin to normalize more.
iFabricâs stock price is currently trading at 52-week lows and what we believe are discounted levels, given that todayâs market valuation is near the Companyâs tangible book value and working capital levels. But, beyond the balance sheet, we see value, too. Recent contract wins suggest to us that revenue momentum is building inasmuch that iFabric could report record annual sales (C$20 million plus) in fiscal 2022 and beyond. Given the growth profile our forecast calls for the Companyâs revenue run rate to reach C$30 million exiting fiscal 2024.
Based on historical data and improved operating leverage on the estimated higher sales levels, we forecast that the Company can earn adjusted EBITDA margins of 10% or higher on its revenues in fiscal 2023 and beyond with positive earnings-per-share.
Given that iFabricâs stock valuation is trading at its book value per share range and at Enterprise Value (EV) to Sales ratio of 0.75 (for fiscal 2022), there is tremendous value in this stock today. That said, Investorfile is recommending the purchase of the shares. We suggest that small cap investors should accumulate this stock up to a price of $0.85 from its current trading price of C$0.55. For investors who own theses shares with average cost-base of about C$0.70, they are paying a valuation less than 6.5x EV/EBITDA based our above forecast for fiscal 2024. This is still inexpensive, especially if our assumptions prove to be conservative for this growth story. We note that this stock traded as high as C$3.60 earlier in 2022. As always, investors in small cap stocks should have a minimum investment horizon of 24 months to realize the capital appreciation potential.
Not incorporated in our forecasts are several possible catalysts that may come to fruition in 2023. First, the Company is still waiting for a US Environmental Protection Agency (EPA) submission process for next-level efficacy claims for its ProTX2 anti-bacterial and anti-viral, fabric-treatment technology. Approvals by the EPA would provide IFabric with enormous new market opportunities.
In an investor presentation, the Companyâs CEO had suggested that its proprietary chemical formulations have applications on alternative surfaces; therefore it is in discussions with significant manufacturers outside of the apparel market to realize these new product opportunities... thus another potential major catalyst.
Noteworthy on iFabricâs balance sheet (recorded as a current asset) is a C$4.73 million prepaid expense and deposit which is subject to dispute claim for non-delivery of a textile product by a China-based supplier. While Company Management still feels it will recover some or all such funds, we have not included this amount in our valuation calculations and thus in our opinion it maybe deemed a write-off on future audited statements. On a positive note, the book value amount on iFabricâs balance sheet may significantly understate the true market value of the Companyâs warehouse property it owns in Markham, Ontario.
We note that iFabricâs CEO has 35 years of experience in the textile market and the President of the Intelligent Fabric Technologies division has been with the Company for over 15 years. Combined, Management owns 64% of the Companyâs outstanding shares and iFabricâs CEO is by far the largest shareholder.
Last reported, iFabric has about 29.8 million shares outstanding and 34.4 million on a fully diluted basis. The most recent public filings indicate most of all the option and warrant strike prices are significantly out-of-the-money and, therefore, are currently anti-dilutive for our valuation calculations.
iFabric Corp. website: www.ifabriccorp.com
yielddude
2 years ago
iFabric Corp Updates Timing of EPA Public Health Claims Approval
(Mon, January 17, 2022, 7:30 AM)
Specifically, representatives of the EPA have committed to provide approval of public health claims for PROTX2-treated fabrics within the first quarter of calendar 2022.
"I believe this registration will be groundbreaking for IFTNA, with far reaching implications across numerous product applications, from the medical apparel market to consumer goods," said Giancarlo Beevis, President and CEO of IFTNA.
https://finance.yahoo.com/news/ifabric-corp-updates-timing-epa-123000355.html
yielddude - assuming the EPA does approve this, this should be transformative for iFabric. Aside from the sporting goods market they are already in (Under Armor, North Face, etc ...), they will go aggressively to medical market (scrubs, curtains, linens). They already partner with Charismatic, one of the largest scrub manufacturers. Many of these companies already have PROTX2 in their products, they will just need to change the tags to reflect the new (1st and only at the moment) kill claim.
yielddude
2 years ago
iFabric Corp Announces Maidenform License Renewal
December 16, 2021
MARKHAM, ON / ACCESSWIRE / December 16, 2021 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced that its wholly owned subsidiary company, Coconut Grove Pads Inc. ("CGP"), has renewed its license and distribution agreement with HBI IP Holdings Switzerland GmbH ("HBI" and Maidenform LLC ("Maidenform"). The agreement covers the distribution by CGP of intimate apparel accessories and specialty bra solutions which, are marketed under various Maidenform brands.
In terms of the license agreement with HBI and Maidenform, the Company has a non-exclusive but protected right to use trademarks in connection with the manufacture, marketing, sale and distribution of various Maidenform® branded products, in the Company's market segment, in certain countries including, among others, the United States, Canada, Mexico and the United Kingdom. During the license term, the Company is required to pay a quarterly royalty on its net sales as defined in the agreement, on all products sold under the licensed marks. The effective royalty rates vary depending on the distribution channel and range from 0%-10%. Minimum annual royalties have been established for the year ending December 31, 2022 at US $160,000 and for the year ending December 31, 2023 at US $200,000. All additional administration fees are now included in the revised royalty rates. In addition, the Company is required to pay an advertising fee of 1% on its net sales as defined in the agreement, for the promotion of the licensed products. The license term is in effect until December 31, 2023.
"We are pleased to continue our longstanding relationship with the global Maidenform brand," said Hylton Karon, President and CEO of iFabric Corp. "The Maidenform brand is an important part of our offerings and, has allowed us to supply our products to some of the largest global retailers. The new agreement underscores the continued confidence that Maidenform has in CGP, from the signing of the original license agreement in January 2011 to the current time," concluded Hylton Karon.
yielddude
2 years ago
Industry Trends
The rise in spread of pathogens from patients to healthcare workers and vice-versa has mandated medical facilities to implement use of antimicrobial textile based protective clothing for the staff. The healthcare workersâ uniform gets contaminated with bacteria, viruses and other pathogens from the patients and various fluids these workers handle which contributes towards rise in nosocomial infections (infections acquired in medical facilities). The U.S. Centers for Disease Control and Prevention agency states that on any given day, 1 in 31 hospital patients has a nosocomial infection. It also states that, in 2015 there were total 687,000 patients affected by nosocomial infections across U.S. hospitals and 72,000 hospital patients among them died during their hospitalizations. This high prevalence of nosocomial infections has mandated healthcare professionals to use antimicrobial scrubs to prevent the spread of pathogens.
Scrubs are the protective garment designed to be worn by the doctors, nurses and other workers involved in patient care. Scrubs were originally designed for use by surgeons and other operating room personnel who perform or assist surgery. Later, its use expanded amongst healthcare personnel operating inside the premise of medical facility or on the fields. These scrubs are contaminated with pathogens when the healthcare professionals attend a patient or perform a medical procedure.
The mostly commonly transmitted pathogens by clothes of healthcare workers are methicillin-resistant staphylococcus aureus (MRSA) methicillin susceptible staphylococcus aureus (MSSA), herpes simplex, group A streptococcus (GAS), hepatitis A, middle east respiratory coronavirus (MERS-CoV) and others. The use of antimicrobial scrub has proven its efficacies in combating against transmission of these pathogens. The fabric of these scrubs is treated with antimicrobial technology that inhibits the growth of harmful pathogens and also fights against fungal growth and odours, which in-turn prolongs the life of the scrub. Some scrubs even include fluid barriers which resists bacteria and maintains high hygiene levels.
For instance, the scrubs of Aegle Gear are treated with their Protx2 technology which imparts antimicrobial and fluid repellent properties to the scrubs and extends their life for up to two years. These factors depict that antimicrobial textiles, especially those with fluid repellent chemistries are a viable solution for adhering to workplace safety and curbing the spread of pathogens by healthcare professionals. Thus, the rise in number of nosocomial infections coupled with the efficacies of antimicrobial fabrics to effectively tackle these infections have contributed towards the growth of antimicrobial scrubs market, across the globe. However, the emergence of new bacteria resistant to the antimicrobial agents in the scrubs are posing challenges in the global antimicrobial scrubs market.
https://energysiren.co.ke/2021/11/08/antimicrobial-scrubs-market-2021-2030-giants-spending-is-going-to-boom-global-players-aegle-gear-blue-sky-scrubs-careismatic-copper-medical/
yielddude
3 years ago
Field to Closet named Rhino Medical Supply as the exclusive distributor of 100% Deltapine cotton medical scrubs crafted with cotton grown in Georgia and created in an end-to-end U.S. supply chain.
âWe are thrilled to announce an alliance with Rhino Medical Supply as the distributor of our cotton scrubs,â said Ed Jernigan, Founder and CEO of Field to Closet. âRhino Medicalâs focus on sustainable, environmentally friendly, and biodegradable products, along with their emphasis on philanthropy and diversity initiatives, pairs perfectly with our scrubs program. It is truly a perfect union of businesses with similar visions.â
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The Cotton Project utilizes Georgia-grown cotton from Deltapine seed to re-shore American manufacturing by revitalizing an end-to-end U.S. supply chain. The initiative establishes a Farmer GiveBack program to address a fundamental issue in the garment industry, which typically sees the brand or end seller with the most significant profit. The GiveBack program recognizes the rebirth of a robust cotton garment industry isnât possible without the grower and was developed to ensure the grower financially shares in the profit of the goods sold.
âRhino Medical Supply seeks companies and products that align with our corporate citizenship commitments, including giving back to others, using renewable resources, and encouraging inclusion,â said Lance Brown, CEO. âOur organization is proud to work with Field to Closet and America Knits to distribute these 100% Deltapine cotton medical scrubs.â
The Field to Closet 100% Cotton medical scrub is treated with the PROTX2 AV technology, a metal free, medical grade anti-viral, anti-bacteria, and anti-odor treatment that kills the virus or bacteria within 10 minutes (or less) of contact. This is the first surgical scrub made from 100% cotton that has been treated with this technology. Brown calls the technology a âgame changerâ for the U.S. medical industry in its fight to prevent another pandemic outbreak.
âWe are thrilled to partner with Field and Closet to introduce the first OR scrubs powered by PROTX2 AV technology,â adds Giancarlo Beevis, President and CEO of Intelligent Fabric Technologies, North America. âThis is a key step in breaking the chain of infection and provides healthcare professionals with a new line of defense in infection prevention.â
PROTX2 AV has been proven to deactivate 99.9% of SARS-CoV2 â the virus that causes COVID-19 â in 10 minutes, as well as Hospital Associated Infections (HAI), both viruses and bacteria. In addition, the scrub is made completely in the U.S. with a transparent supply chain which assures the safety and quality of the product. U.S. companies additionally benefit by avoiding the cost and delays being experienced with global shipping.
âPartnering with Rhino Medical Supply means our scrubs will be available to hospitals and other health care facilities from coast-to-coast,â said Steve Hawkins, president of America Knits. âThis partnership matches perfectly with our focus on providing prosperity for rural, smaller communities, and creating quality, environmentally sustainable products in the United States.â
To wrap up the initiativeâs kick off, 15 rural Georgia hospitals will receive medical cotton scrubs at no cost this summer, including Brooks County Hospital, Burke Medical Center, Crisp Regional Medical Center, Colquitt Regional Medical Center, East Georgia Regional Medical Center, Emanuel Medical Center, Irwin County Hospital, Jeff Davis Hospital, Jenkins County Medical, LifeBrite Community Hospital of Early, Memorial Hospital and Manor, Mitchell County Hospital, SGMC Berrien Campus, Southwell Medical, and Taylor Regional Hospital.
For more details on the Field to Closet and Deltapine collaboration, listen to the early May edition of the Cotton Companion podcast.
Based on information provided by Bayer Crop Science
https://www.cottongrower.com/cotton-news/rhino-medical-supply-to-distribute-field-to-closet-deltapine-cotton-medical-scrubs/
yielddude
3 years ago
KEEP INNOVATING
âWeâve had an antiviral technology in our portfolio of technologies for a whileâsince 2010â2011,â says Giancarlo Beevis, president and CEO of Intelligent Fabric Technologies, a GTA-based biotech firm that developed the first antimicrobial textile chemical proven via U.S. codes to deactivate Sars-Cov-2, resulting in 241% year-over-year growth in the second quarter of 2020.
Giancarlo explains:
âOne of the major U.S. cruise-lines was having issues with norovirus outbreaks on board their ships, causing them to dock and fly passengers home to try to control the outbreaks. They came to us and said, âWhat can you do to help us?â We commissioned a study, and found the vector of transmission. Believe it or not, it was the reusable napkins on board. They were washing them between every use, but as the napkins were coming from housekeeping âclean,â they were then being folded by staff to place them on your buffet table, and the staff member who was doing that could haveâor did haveânorovirus on their hands. And, then youâd wipe your face, and there was the point of transmission. We went to them with two options: We can impregnate any new napkins you purchase with PROTX2 AV [a proprietary antiviral] so itâs durable, or we can give you a laundry additive that you will utilize during each laundry cycleâthat will give you an active surface.
We proved it outâkilled 99.9% of the norovirus. Unfortunately, at the time, we were still young as a company, we werenât public, and there was a large janitorial company that owned the exclusive rights to anything deemed as disinfecting or cleaning on board. They wanted to own it out right. We werenât prepared to do that. It just got shelved.
We focused on the antibacterial side of our products. Even after COVID-19, bacterial infections are still the number-one cost to the healthcare system. We have a solution to help people and save lives during COVID-19, but, long-term, we also have a solution to help people in a ânormalâ healthcare environmentâfighting bacterial infections, preventing re-admittance and lengthier hospital stays.
As the story goes, one of our long-term partners called me and said, âI know about your antiviral technologyâdo you think it would work against COVID-19?â I said, âI donât know, but I donât want to be one of those companies that [just] tests against coronavirus.â You see a lot of companies out there with claims of âkills coronavirus,â and then you read the testing, and it mentions human coronavirus, which is nothing more than a common coldânot what weâre trying to deal with in this pandemic. So, we scoured the globe to find an accredited laboratory equipped with a biosafety level-3 lab that could test this commercially for us. We found it with his help. And, proved we could kill Sars-CoV-2, the virus that causes COVID-19, in under ten minutes with residual kill for up to 24 hoursâit was an amazing verification for our technology.â
Giancarloâs story is an important reminder to be open to the different ways opportunities might take shape as a tech business evolves. Even though Intelligent Fabric Technologies had a proprietary disinfecting agent, the timing to go to market wasnât right for them because they wanted to retain the ownership and market it as theirs. Bringing a vision to life can mean being nimble and pivoting; but it can also mean being patient for when the right time for an opportunity presents itself.
âWe talk about technology leading the recoveryâI think that is related to technology forcing everyone to evolve at such a pace it requires [traditional] businesses to become technology businesses,â Jeff observes.
Giancarlo continues:
âWe try to look at whatâs going on in the marketplace and see how we can do it better. We look for new areas, new things, new trends that are coming out. [âŚ] We look to find existing products that need a boost and need to be brought into the future with sustainability and better efficacyânot just accept the status quo.â
That commitment to innovation has been game-changing for Intelligent Fabric Technologies.
âWeâre certain COVID-19 is here to stay, and itâs had such a dramatic impactâwhere we were talking about antivirals for cruise ships and medical environments, now weâre talking about making antiviral yoga pants. Thatâs how much of a catalyst recent events have been for our business.â
âWe go for goal A, and we end up with a product that gives us goal B, or C, or even Z. We looked at a technology that we thought was going to be a durable, fluorine-free water repellant for textilesâturns out that this will instead be a carrier agent for our PROTX2 AV antiviral product that will allow us to create an active all-surface coating. This type of product will allow us to walk into a movie theatre or sports stadium and coat all surfaces with an active antiviral coating that lasts for six to twelve months between applications. Thatâs what weâre working on now. Thatâs not at all what we intended to doâthatâs just the fantastic surprise that comes out of a lot of these innovations.â
Giancarlo adds a strategic caveat:
âWhat weâve done in a lot of our technologies, especially the antimicrobial and the antiviral, is design them so that the mechanism of action does not create microbial adaption. As weâre heard, the COVID-19 virus is mutating; weâre showing our technology still kills it with any of the current mutations.â
https://insights.bdo.ca/technology/keep-innovating
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