Mr. Hylton Karon reports

IFABRIC CORP ANNOUNCES EXPANSION MOVE

iFabric Corp. has executed a lease agreement for the rental of approximately 5,000 square feet of office space in Markham, Ont., at a commercial office building near its current head office and warehouse location. The new offices will house the Canadian management and administrative personnel of the company. After the move, the current company-owned building located at 525 Denison St., Markham, Ont., which currently comprises a mix of warehouse and office space, will be fully repurposed as warehouse space.

The new office lease agreement is for a period of five years commencing on April 1, 2024, and expiring March 31, 2029, with the option to renew for a further period of five years. iFabric's personnel will be occupying temporary space at the new location, until such time as the required leasehold improvements to its new premises have been completed.

"The move of our administrative staff was necessitated by the need to house a substantial amount of new inventory in respect of a number of new Canadian apparel programs commencing in the latter part of fiscal 2023," said Hylton Karon, president and chief executive officer of iFabric. "We viewed a number of options to increase our warehouse space, including the purchase of a new property," added Mr. Karon. "However, with the high cost and limited availability of warehousing in the Toronto area, I believe the separation of our administration from our warehouse provided the most cost-effective option," concluded Mr. Karon.

About iFabric Corp.

Headquartered in Markham, Ont., iFabric is listed on the Toronto Stock Exchange 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. and Coconut Grove Pads Inc.

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