MARKHAM, ONTARIO / ACCESSWIRE / June 15, 2020 / iFabric Corp. ("iFabric" or the "Company") (IFA.TO), today announced that its wholly-owned subsidiary company, Intelligent Fabrics Technologies (North America) Inc. ("IFTNA") has entered into an exclusive distribution agreement with Okyung International Co., Ltd ("Okyung'') in respect of its PROTX2 anti-microbial and anti-viral technologies, covering the territory of the Republic of South Korea.
The agreement is for an initial term of three-years and provides Okyung with the exclusive right to distribute PROTX2 treated products throughout South Korea, including Face Masks, Gloves, Personal Protective Equipment, Medical Wear, Surgical Aprons, Medical Dressings, Military Uniforms, Athletic Wear, Bedding and Linens.
"We are extremely happy to be working with an established manufacturer such as Okyung", stated Giancarlo Beevis, President and CEO of IFTNA. "In the interest of protecting both healthcare workers and consumers alike, IFTNA are partnering with Okyung to quickly bring its PROTX2 technologies to the South Korean market", he added. "Expanding our reach globally has always been an integral part of IFTNA's business plan", concluded Mr. Beevis.
"We are working very hard to keep up with demand amidst the COVID-19 pandemic and trying to find tools to help protect our population during this crisis", said Youngdo Kim, CEO of Okyung. "PROTX2 delivers us a new weapon in the fight against COVID-19. Not only does it help us today, but it also prepares us for potential recurrences of COVID-19 outbreaks as well as any new pandemics", concluded Youngdo Kim.
Recent independent laboratory testing of PROTX2 treated fabrics, conducted under the standards of the American Association of Textile Chemists, showed that PROTX2 has the ability to deactivate the SARS-CoV-2 virus (which causes the COVID-19 disease) at time points of 10 minutes, 1 hour, 6 hours, and 24 hours respectively. 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 which represents a more than 1,000-fold reduction in active viral load when compared to untreated fabric. This makes PROTX2 the first antimicrobial, antiviral textile treatment to be proven, via United States accepted testing codes, to deactivate the SARS-CoV-2 virus.
ABOUT OKYUNG INTERNATIONAL CO. LTD:
Headquartered in Daegu, South Korea Okyung International specializes in the development and production of antibacterial, antiviral fabrics, with a primary focus on PPE Personal Protective Equipment ("PPE's'), government and military uniforms.
ABOUT iFABRIC CORP:
Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.3 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 the consumer.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies intimate apparel products and accessories.
FORWARD LOOKING STATEMENTS
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. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the company's products.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, 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.
Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of iFabric. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. 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.
FOR FURTHER INFORMATION, please contact:
Hilton Price, CFO
Gary Perkins - Investor Relations
Jean-François Dubé (Québec) - Investor Relations
Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: iFabric Corp
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