MARKHAM, ONTARIO--(Marketwire - June 8, 2012) - iFabric Corp. (TSX VENTURE:IFA) ("iFabric" or the "Corporation") is pleased to announce, further to its news release dated May 18, 2012, that the TSX Venture Exchange ("TSX-V") has granted final acceptance of the Corporation's application for listing. The Corporation was original listed as a capital pool company, under the name Leezamax Capital Corp., and subsequently de-listed from the TSX-V for failure to complete its qualifying transaction (the "Qualifying Transaction") within the time period pursuant to the policies of the TSX-V. The Corporation changed its name to iFabric Corp., consolidated the issued and outstanding common shares on the basis of two 'old' common shares for one 'new' common share and completed the acquisition of Coconut Grove Textiles Inc. ("Coconut Grove"). Coconut Grove is a private Ontario corporation which is engaged in the business of designing, manufacturing, marketing and distributing apparel, accessories, speciality textiles and chemicals. The acquisition of Coconut Grove also satisfied the TSX-V requirement to complete a Qualifying Transaction.
As of the opening of trading on June 6, 2012, the Corporation is no longer be considered a capital pool company and the Corporation's common shares began trading on the TSX-V under the trading symbol "IFA". The Corporation is classified as an industrial Tier 2 Issuer on the TSX-V.
Completion of Qualifying Transaction
iFabric acquired all of the issued and outstanding common shares of Coconut Grove from the shareholders of Coconut Grove in exchange for a total of 24,412,500 post-consolidated common shares at a deemed price of $0.40 per share. The deemed value of the transaction is $9,765,000. As a result of the Qualifying Transaction, Coconut Grove became a wholly-owned subsidiary of the Corporation. Upon completion of the acquisition there are a total of 25,237,500 common shares issued and outstanding, together with 1,350,000 incentive stock options.
The board of directors of the Corporation now consists of six directors: Hylton Karon, Hilton Price, Cortney Scheiner, Jason Garay, Jeff Coyne and Mark Greenspan. The officers of the Corporation are Hylton Karon, President and Chief Executive Officer, Hilton Price, Chief Financial Officer and Corporate Secretary.
In connection with the Qualifying Transaction the Corporation obtained a new CUSIP and ISIN number: CUSIP# 45172X203; ISIN# CA45172X2032.
Details respecting the business of Coconut Grove Textiles Inc. and the Qualifying Transaction can be found in the Corporation's Filing Statement dated April 26, 2012, which is available for review at www.sedar.com.
iFabric, through its wholly-owned subsidiary, Coconut Grove, an Ontario corporation, is in the business of designing and manufacturing women's intimate apparel and, in particular, a range of specialty bras including the Corporation's patented backless, strapless underwire bra. The Corporation also distributes a range of complimenting accessories. iFabric's customer base includes a number of major retailers situate in its main market regions being, the UK, USA and Canada. Another division of Coconut Grove, Intelligent Fabric Technologies (North America) Inc., is in the business of distributing a range of specialty textiles as well as a number of chemical products that are suitable for application to textiles.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.