Business
iFabric Announces Proposed Change in Year End
Markham, Ontario--(Newsfile Corp. - March 9, 2023) - IFABRIC CORP.  (TSX: IFA) (OTCQX: IFAB...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Announces Proposed Change in Year EndMarkham, Ontario--(Newsfile Corp. - March 9, 2023) - IFABRIC CORP. (TSX: IFA) (OTCQX: IFABF) (\"iFabric\" or the \"Company\") is pleased to announce that it will be changing its fiscal year-end to December 31, from its current fiscal year-end of September 30. The notice for the year-end change required under National Instrument 51-102 has been filed under the Company's profile at www.sedar.com.The Company believes this change of year-end will better allow the Company to count inventory during a non-peak shipping period and at a time when inventory is generally at its lowest level. As a result of the change the Company reported audited financial results for the year ended September 30, 2022 and will report audited financial results for a fifteen-month transitional fiscal year from October 1, 2022 to December 31, 2023 with a comparative to the audited financial statements for the twelve months ended September 30, 2022. Afterwards, iFabric will revert to a customary quarterly reporting calendar based on a December 31st financial year-end, with fiscal quarters ending on the last day in March, June, September, and December each year.ABOUT IFABRIC CORP.Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and, currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. (\"IFTNA\") and Coconut Grove Pads Inc. (\"Coconut Grove\").IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide \"intelligent\" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.FORWARD-LOOKING STATEMENTSForward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained i...