MARKHAM, ON / ACCESSWIRE / September 1, 2020 / iFabric Corp. ("iFabric") (TSX:IFA)(OTC PINK:IFABF), today announces that its Intelligent Fabric Technologies Division ("IFTNA") has donated the initial production of its recently developed, proprietary, patent-pending, AVguard anti-viral laundry additive, to The Village Medical Centre in Johannesburg, South Africa.
In May 2020, iFabric announced that fabrics treated with PROTX2 demonstrated a greater than 99.9% reduction in active viral loads of the SARS-CoV-2 virus, which causes the COVID-19 disease, at time intervals of 10 minutes, 1 hour, 6 hours, and 24 hours respectively. AVguard leverages iFabric's PROTX2® technology by incorporating PROTX2® in an antiviral, antibacterial laundry additive that is intended as an additional tool to protect both frontline healthcare workers as well at the public at large, from the spread of COVID-19.
"The donation to The Village Medical Centre is a preliminary step to the official launch of AVguard in third world and other countries, where lower regulatory burdens are expected to provide for much quicker market acceptance in these countries," said Giancarlo Beevis, President and CEO of IFTNA. "COVID-19 is menacing the globe and we intend to do our part to help out wherever possible. We have an easy to use solution that can make an immediate and dramatic impact on the transmission of the virus in places that need to desperately curb the spread of COVID-19," concluded Mr. Beevis.
"We have received the first ever batch of AVguard in South Africa. It will be put to good use by a number of doctors and allied healthcare practitioners at The Village Medical Centre in Johannesburg. It has brought peace of mind to our doctors who are concerned about the need to protect their patients and themselves from cross infection and are additionally worried about accidently carrying viral fomites home to their families. We see AVguard as an immediate solution for providing protection without awaiting the production of treated garments," said Dr. Paul Freinkel of The Village Medical Centre.
ABOUT iFABRIC CORP: Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com currently has 26.5 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.
ABOUT THE VILLAGE MEDICAL CENTRE: Established in 2006, The Village Medical Centre is located in Parktown North, Johannesburg, and is a centre of world class medical expertise, providing integrated care across multiple medical disciplines.
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 Tel: 647.465.6161 Email: hilton.price@rogers.com
Tina Byers - Investor Relations Tel: 905.330.3275 Email: tina@adcap.ca
