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iFabric Corp Acquires Remaining 25% Stake in Markham Property and Signs New Banking Agreement
MARKHAM, ON / ACCESS Newswire / April 7, 2025 / iFabric Corp. or the Company (TSX:IFA)(OTCQX:I...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Acquires Remaining 25% Stake in Markham Property and Signs New Banking AgreementMARKHAM, ON / ACCESS Newswire / April 7, 2025 / iFabric Corp. or the Company (TSX:IFA)(OTCQX:IFABF) today announced the execution of an agreement to acquire of the remaining 25% of the shares in its subsidiary company that owns its Markham, Ontario, warehouse property.The acquisition will be funded through Cdn$3.7 million mortgage financing provided by BMO, which will be utilized for the share purchase, as well as to repay an existing secured loan and outstanding minority shareholder loans.In addition to the acquisition, the Company is also pleased to announce that it has concurrently signed a new banking agreement with BMO, which increases its revolving operating credit facility from $6.75 million to $12 million. This expanded line of credit, which is secured by company assets, including a mortgage on the Company's Markham property, will provide additional financial flexibility to support future growth and expansion initiatives. The credit facility is currently unutilized.\"This strategic investment provides us with full control of our valuable Markham warehouse property, recently valued at around $12 million, allows us to remove the borrowing restrictions imposed by the prior minority shareholders and, utilize this asset to the full extent possible, in order to fund our growth objectives,\" stated Hylton Karon, President and CEO of iFabric.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, manufa...