Mr. Hylton Karon reports

IFABRIC CORP. ANNOUNCES CLOSING OF $28 MILLION BOUGHT DEAL OFFERING

iFabric Corp. has closed its previously announced upsized bought deal treasury offering and secondary offering of common shares in the capital of the company. The offering was conducted by a syndicate of underwriters led by Beacon Securities Ltd. and including Stifel Canada, ATB Cormark Capital Markets and Haywood Securities Inc.

Pursuant to the offering, the company and the selling shareholders sold an aggregate of 7,568,900 offered shares at a price of $3.70 per offered share for aggregate gross proceeds of $28,004,930. The offering consisted of a treasury offering by the company of 6,216,900 offered shares, including 810,900 treasury shares issued pursuant to the full exercise of the overallotment option, for gross proceeds to the company of $23,002,530 and a secondary offering by Hylton Karon and Susan Karon (the selling shareholders) of an aggregate of 1,352,000 offered shares for aggregate gross proceeds to the selling shareholders of $5,002,400. The company did not receive any proceeds from the secondary offering.

The option was fully exercised by the underwriters prior to closing. The company intends to use the net proceeds from the treasury offering for working capital and general corporate purposes. For further details, please see the final prospectus in respect of the offering filed on SEDAR+ under the company's profile.

The treasury shares were also offered by the company in the United States to qualified institutional buyers (as defined in Rule 144A under the U.S. Securities Act of 1933, as amended) and to a limited number of accredited investors (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act), in each case by way of private placement pursuant to exemptions from the registration requirements of the U.S. Securities Act and in compliance with applicable state securities laws.

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. (IFTNA) and Coconut Grove Pads Inc.

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 anti-viral and anti-bacterial characteristics, water repellence, and UV (ultraviolet) protection, among others.

Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.

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