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    IFX   CA4524352099

IMAFLEX INC.

(IFX)
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Imaflex : Announces Positive Independent Results for the ADVASEAL« Release Study

01/25/2021 | 07:01am EST

All active ingredient release times comply with pre-harvest intervals established by the U.S. EPA  

MONTREAL, Jan. 25, 2021 /CNW Telbec/ - Imaflex Inc. ("Imaflex" or the "Corporation") (TSXV: IFX), announces positive independent results for the ADVASEAL® Release Study (the "Study").  The release times of all five crop protection products ("active ingredients" or "TGAI"1) coated on ADVASEAL® are in compliance with the pre-harvest intervals established by the U.S. Environmental Protection Agency (EPA).

"These conclusive results bring us one step closer to the potential commercialization of ADVASEAL® as a viable pre-plant soil fumigation alternative," said Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex.  As a reminder, the Study was required to determine the exact timing each active ingredient coated on ADVASEAL® is released into the soil.  This is needed to show compliance with the pre-harvest intervals established by the EPA, which is essentially the wait period required between the last application (release) of an active ingredient and when a crop can be harvested for safe human consumption. 

The Study included two soil bed moisture levels at time of ADVASEAL's® application and two independent drip irrigation frequencies.  More specifically, initial soil bed moisture levels at application were set at either 75% or 100% soil capacity, while irrigation intervals after applying the film were either once (day eight) or twice (day eight and fifteen).  Regardless of treatment used, the release times of all active ingredients were found to be in compliance with permitted pre-harvest intervals.    

"Imaflex has one remaining step before submitting the registration package for EPA approval of ADVASEAL® as a new physical pesticide formulation," said Mr. Abbandonato.  Four of the five active ingredients used on ADVASEAL® come from Asia and are not yet registered in the U.S.A.  To simplify their registration as generic pesticides Imaflex has mandated a lab to prove their equivalence with TGAIs already registered and marketed in the U.S.A.  More specifically, the EPA needs information on the purity and impurities of the active ingredients being used by Imaflex in order to assess whether their impurities and toxicological profiles are similar to those already registered.  This includes using analytical reference standards for all impurities to allow for accurate calibration (quantification) as most analytical instrumentation is comparative.  As reference standards for the impurities associated with two of the generic active ingredients are not commercially available, some additional lab work is required and submission of the ADVASEAL® and generic TGAI registration package is now targeted for around summer 2021.  

"Going forward, holding our own TGAI registration should provide Imaflex with greater autonomy as we commercialize ADVASEAL®, while also making us less reliant on a particular supplier," highlighted Mr. Abbandonato.  "Bringing new innovative products to market is often not without its challenges and although the EPA submission is delayed, the benefits of having our own TGAI registration justify the extra time required.  We are encouraged by the important milestones we have achieved over the past year with ADVASEAL® and we look forward to reporting on our continued progress."       

About ADVASEAL®  

Today, agricultural films are used in the growing of vegetables worldwide to cover soil treated with fumigants – volatile and toxic pesticides essential for reducing pests, weeds and fungi in the soil, thus supporting good growth of new crop seedlings.           

The original EPA approved ADVASEAL® (ADVASEAL® HSM), contained only a herbicide for weed control.  The new enhanced ADVASEAL® (also called "ADVASEAL HG") under development also includes fungicides and a nematicide to control soil borne pathogens, thus becoming a complete non-fumigant alternative for soil disinfestation.  With ADVASEAL®, modern non-volatile crop protection products can be applied more effectively and safely than with fumigants.  The crop protection products are incorporated into a coating, which is then applied to a mulch film.  Once the coated film is applied to the ground, the active ingredients are released into the soil under controlled conditions, preventing the over/under-dosing found with current soil disinfestation practices.  This new technology dramatically reduces the amount of crop protection products required.  The catalyst to trigger the release of the active ingredients is soil moisture.  When the film is applied to the soil, they are efficiently and safely discharged into the ground, resulting in heightened productivity, lower costs and notable environmental benefits. 

About Imaflex Inc.

Founded in 1994, Imaflex is focused on the development and manufacturing of innovative solutions for the flexible packaging space.  Concurrently, the Corporation develops and manufactures films for the agriculture industry.  The Corporation's products consist primarily of polyethylene (plastic) film and bags, including metalized plastic film, for the industrial, agricultural and consumer markets.   Headquartered in Montreal, Quebec, Imaflex has manufacturing facilities in Canada and the United States.  The Corporation's common stock is listed on the TSX Venture Exchange under the ticker symbol IFX.  Additional information is available at www.imaflex.com.

Cautionary Statement on Forward Looking Information

Certain information included in this press release constitutes "forward-looking" statements within the meaning of Canadian securities laws.  Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the management of the Corporation, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies.  The Corporation cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Imaflex to be materially different from the Corporation's estimated future results, performance or achievements expressed or implied by those forward-looking statements and that the forward-looking statements are not guarantees of future performance.  These statements are also based on certain factors and assumptions. For more details on these estimates, risks, assumptions and factors, see the Corporation's most recent Management Discussion and Analysis filed on SEDAR at www.sedar.com and on the investor section of the Corporation's website at www.imaflex.com.  The Corporation disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law.  Readers are cautioned not to put undue reliance on these forward-looking statements.

Neither the 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.

1 A technical grade active ingredient ("TGAI") is used for the manufacturing of pesticide end-use products and contains, in addition to the pure active ingredient, minor amounts of impurities.

SOURCE Imaflex Inc.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2021 108 M 84,8 M 84,8 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 69,2 M 54,1 M 54,3 M
Capi. / Sales 2021 0,64x
Capi. / Sales 2022 0,67x
Nbr of Employees 218
Free-Float 54,2%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 1
Last Close Price 1,34 CAD
Average target price 1,75 CAD
Spread / Average Target 30,6%
Managers and Directors
Joseph Abbandonato Chairman, President & Chief Executive Officer
Giancarlo Santella Chief Financial Officer
Gerald R. Phelps Vice President-Operations
Michel Baril Independent Director
Philip Nolan Independent Director
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