IFabric : JANUARY 27, 2021.

IFABRIC CORP. PROVIDES REVENUE GUIDANCE FOR FISCAL 2021 FIRST QUARTER.

Markham, Ontario, January 27, 2021. iFabric Corp. ("iFabric" or the "Company") (TSX: IFA, OTC: IFABF), today provides revenue guidance for the first quarter of its fiscal 2021.

Q1 ENDED DECEMBER 31, 2020 OVERVIEW GUIDANCE:

• Based on preliminary results, the Company anticipates overall revenues in excess of $7,000,000 compared to $2,596,841 in Q1 2020, representing an increase of approximately 270%.
• Based on preliminary results, the Company anticipates revenues for the Intelligent Fabrics Division to be in excess $6,500,000 compared to $1,435,051, in Q1 2020, representing an increase of approximately 350%, as a result of commercialization of several programs utilizing the division's Protx2 formulation being proven to deactivate ≥99.9% the COVID-19 causing virus.
• Renewed & new performance apparel programs for a major Canadian retailer also contributed to the growth in revenues.
• Revenues for the Intimate Apparel Division were impacted by the decrease in in-store retail sales with the continuing lockdowns related to the COVID-19 pandemic and based on preliminary results the Company anticipates revenues for the division to be approximately $600,000 in Q1 2021 compared to $1,129,707 in Q1 2020, representing a decrease of approximately 47%.
• Full unaudited quarterly results will be released on or about February 12th, 2021.

"2021 has started off as a record year for our company. I am extremely pleased that our Intelligent Fabrics division has executed so strongly on the opportunities stemming from the COVID-19 pandemic." said Hylton Karon, President and CEO of iFabric. "This is evidenced by the Intelligent Fabric division's significant revenue growth of approximately 170% over the prior quarter ended September 30, 2020 and 270% over Q1 2020. Our diversified product offering has allowed the division to grow both chemical sales and finished product apparel sales in Q1. With a multitude of existing and new opportunities ahead of us, we expect 2021 will continue on a record pace. Our Frontline Personal Protective Equipment launch is now just around the corner, as is the launch of our wholly-ownedperformance lifestyle brand. We are working on a number of new initiatives that we believe will be transformative for our business in 2021.

"The lingerie division is still feeling the adverse effects of the pandemic, however our key retail partners are providing better-than-expected guidance moving further into 2021." continued Mr. Karon. "We believe that with the combination of retailer optimism, the upcoming launch of some new patented products and our "The Natural" brand refresh on the horizon we'll regain some of those revenues lost to the pandemic."

The preliminary estimated financial results and other data for the quarter ended December 31, 2020 set forth above are subject to the completion of the Company's financial closing procedures. These preliminary estimated financial results have been prepared by and are the responsibility of the Company's management. The Company's auditor has not reviewed these preliminary estimated financial results and other data, and has not audited or expressed an opinion on them. The Company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and the Company's actual results of operations and other data could differ materially from these estimates due to the completion of its financial closing procedures, final adjustments and other developments that may arise between now and the time such consolidated financial statements for the period ended December 31, 2020 are issued.

ABOUT iFABRIC CORP:

Headquartered in Markham, Ontario, iFabric Corp www.ifabriccorp.com is listed on the TSX and currently has 26.5 million shares issued and outstanding. Through its wholly owned subsidiaries, Intelligent Fabric

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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, medical protective apparel, consumer protective 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.

FORWARD LOOKING STATEMENTS

This news release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the results for the quarter ended December 31, 2020, future business strategy, competitive strengths, goals, expansion and growth of the Company's businesses, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes, among others, information regarding: the financial results of the Company for the three months ended December 31, 2020; the anticipated financial results for fiscal 2021; the launch of the Frontline Personal Protective Equipment product line and the Company's wholly-owned performance lifestyle brand; new initiatives being worked on and the impact they will have on the Company's business; and the outlook for the lingerie division including the launch of the Company's "The Natural" brand refresh and the impact this will have on the division's revenues.

Investors are cautioned that forward-looking information is not based on historical facts but instead is based on reasonable assumptions and estimates of management of the Company at the time they were made and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks that the estimated financial results will differ from those set forth herein as a result of the Company's financial closing procedures, final adjustments and other developments that may arise between the date of this press release and the issuance of the financial statements, the ability of the Company to obtain financing, execution risks related to the Company's operations, as well as the risk factors described in the Company's annual information form dated December 23, 2020 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR at www.sedar.com.

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.

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The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

FOR FURTHER INFORMATION, please contact:

Hilton Price, CFO

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Tina Byers - Investor Relations

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Gary Perkins - Investor Relations

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Jean-François Dubé (Québec) - Investor Relations

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Website: www.ifabriccorp.com

Website:http://www.ifabriccorp.com/

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