Home / Knowledge / News / Textiles / iFabric subsidiary IFTNA inks global distribution deal
iFabric subsidiary IFTNA inks global distribution deal
11
Dec '13
iFabric Corp. announced that its wholly-owned subsidiary, Intelligent Fabric Technologies (North America) Inc. (“IFTNA”), has executed an agreement that secures global distribution and marketing rights of antimicrobial, antiviral and other textile technologies.

The execution of the agreement provides several significant benefits to iFabric:

- Expansion of distribution and marketing rights from North American rights to Worldwide rights;

- A direct, and more secure, relationship with the manufacturer of the technologies, including access to future product advancements and developments;

- Increased product margins as a result of the direct relationship with the manufacturer; and

- The elimination of the previous profit share arrangement.

As a result of securing the global rights to the products, IFTNA will rebrand on a global basis, its current offerings of antimicrobial, antiviral and other products. In addition, these products will now be offered on a global basis and will not be restricted to only the North American market as was previously designed.

“This new agreement clearly demonstrates the confidence the manufacturer has in the Company to execute on the future growth plans for these products.  The agreement provides us with not only world wide distribution rights at increased margins, but also a direct contractual relationship with the manufacturer and more efficient supply of our product to our customers” said Hylton Karon, President and CEO of iFabric.

“In addition, we now have the ability to supply technical assistance and advice on product development in a wide variety of market areas on a global basis” he added.

IFTNA is terminating its existing Joint Venture Agreement (“JVA”) with Intelligent Fabric Technologies Plc (“IFT-UK”,) an unrelated company. The agreement with IFT-UK is being terminated for reasons of breach of material terms of the JVA by IFT-UK. 

The severance of the JVA will result in a onetime write-off of approximately $300,000 in current Joint Venture balances in the quarter ended September 30, 2013 and reflected in the audited financial statements of the Company for the year ended September 30, 2013, which are expected to be released during the third week of January 2014.

“The execution of the new agreement ensures that business will not be affected by the termination of the JVA” stated Mr. Karon.  The Company also estimates that future costs in connection with the new branding of the technologies will amount to approximately $100,000.  These costs will be expensed as incurred.

The Company is also pleased to announce the approval from the United States Environmental Protection Agency (“the EPA”) of its public health claims testing protocol.

“This represents the culmination of a three year process during which our protocol was developed in conjunction with the EPA and marks an important milestone towards higher level medical claims” said Hylton Karon. “However, there is still additional testing required in bringing this project to fruition” he added.

iFabric

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search