Announcement • Feb 28
Imaflex Inc. Expects Its Shares to Be Delisted from the TSX Venture Exchange At the Close of Business on March 3, 2026 Imaflex Inc. announced the completion of the previously announced plan of arrangement under Section 192 of the Canada Business Corporations Act involving Soteria Flexibles AcquireCo Ltd. (the "Purchaser"), an affiliate of Soteria Flexibles Corp. ("Soteria"), pursuant to which the Purchaser has acquired all the issued and outstanding common shares (the "Shares") of Imaflex for CAD 2.35 in cash per Share (the "Consideration"), representing approximately CAD 123.0 million of equity value of the Corporation (the "Arrangement"). As a result of the completion of the Arrangement, it is expected that the Shares will be delisted from the TSX Venture Exchange at the close of business on March 3, 2026. The Corporation shall apply to cease to be a reporting issuer under Canadian securities laws in the provinces of Alberta, British Columbia and Québec. Announcement • Dec 18
Soteria Flexibles Corp. entered into a definitive arrangement agreement to acquire Imaflex Inc. (TSXV:IFX) from Joe Abbandonato for approximately CAD 120 million. Soteria Flexibles Corp. entered into a definitive arrangement agreement to acquire Imaflex Inc. (TSXV:IFX) from Joe Abbandonato for approximately CAD 120 million on December 17, 2025. A cash consideration of CAD 123 million valued at CAD 2.35 per share will be paid by Soteria Flexibles Corp. As part of consideration, CAD 123 million is paid towards common equity of Imaflex Inc.Upon completion of the Transaction, Imaflex will become a privately held company.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders, subject to court approval and third party approval needed. The Board of Directors of Imaflex Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board.
Stifel Financial Corp. acted as fairness opinion provider for Imaflex Inc. Lavery, De Billy acted as legal advisor for Imaflex Inc. Stikeman Elliott LLP acted as legal advisor for Soteria Flexibles Corp. Winston & Strawn LLP acted as legal advisor for Soteria Flexibles Corp. Stifel Financial Corp. acted as financial advisor for Imaflex Inc. Announcement • Jun 12
Imaflex Inc. Elects Stephan Yazedjian as A New Director Imaflex Inc. at its Annual General Meeting, held on June 11, 2025, approved the election of Stephan Yazedjian as a new director. Announcement • Apr 14
Imaflex Inc., Annual General Meeting, Jun 11, 2025 Imaflex Inc., Annual General Meeting, Jun 11, 2025. Announcement • Mar 27
Imaflex Inc. Resumes Normal Operations Following Cybersecurity Incident Imaflex Inc. confirmed to its customers and stakeholders that following a recent cyber attack, the Corporation has restored its systems and resumed normal operations. On February 21, 2025, the Corporation announced that a cybersecurity incident had occurred, disrupting Imaflex's systems and operations. Imaflex immediately took steps to contain and mitigate any potential impact on its data and operations. The Corporation launched a comprehensive investigation to determine the source and extent of the incident, working closely with third-party cybersecurity experts in line with industry best practices. Although operations were impacted, Imaflex continued to manufacture, ship and perform back-office functions as required, albeit with some temporary workarounds. Imaflex is pleased to confirm that all systems and data have been fully restored, and operations have returned to normal. The Corporation remains committed to maintaining and implementing robust cybersecurity measures to protect its systems, data, and stakeholders. Announcement • Feb 08
Imaflex Inc. Announces Board Changes Imaflex Inc. announced that Mr. Roberto Longo has resigned from its Board of Directors for personal reasons, effective immediately. Concurrently, the Corporation has appointed Mr. Mario Settino to the Board of Directors, where he will also serve as Chair of the Audit Committee. Mr. Settino previously served on Imaflex's Board from 2017 until 2022, including as Chair of the Audit Committee. A seasoned professional with over 30 years of experience across diverse industries, he has held leadership roles at companies such as Balcan Innovations, BioAmber, Peds Legwear, Miranda Technologies, Loblaws, and Bombardier Aerospace. Mr. Settino is a chartered professional accountant who began his career at Deloitte. He holds a Bachelor of Commerce from Concordia University and a Graduate Diploma in Accountancy from McGill University. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CA$0.07 (vs CA$0.008 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.07 (up from CA$0.008 in 2Q 2023). Revenue: CA$28.8m (up 18% from 2Q 2023). Net income: CA$3.43m (up CA$3.00m from 2Q 2023). Profit margin: 12% (up from 1.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Aug 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (€48.7m market cap, or US$54.2m). New Risk • Jun 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (€39.0m market cap, or US$42.0m). New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (€32.0m market cap, or US$34.6m). Reported Earnings • May 30
First quarter 2024 earnings released: EPS: CA$0.04 (vs CA$0.018 in 1Q 2023) First quarter 2024 results: EPS: CA$0.04 (up from CA$0.018 in 1Q 2023). Revenue: CA$27.4m (up 18% from 1Q 2023). Net income: CA$1.85m (up 100% from 1Q 2023). Profit margin: 6.7% (up from 4.0% in 1Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CA$0.01 (vs CA$0.18 in FY 2022) Full year 2023 results: EPS: CA$0.01 (down from CA$0.18 in FY 2022). Revenue: CA$93.6m (down 16% from FY 2022). Net income: CA$508.8k (down 94% from FY 2022). Profit margin: 0.5% (down from 8.2% in FY 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Packaging industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. New Risk • Apr 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (€27.7m market cap, or US$29.7m). Announcement • Apr 09
Imaflex Inc., Annual General Meeting, Jun 13, 2024 Imaflex Inc., Annual General Meeting, Jun 13, 2024. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: CA$0.003 (vs CA$0.06 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.003 (down from CA$0.06 in 3Q 2022). Revenue: CA$22.9m (down 14% from 3Q 2022). Net income: CA$155.0k (down 95% from 3Q 2022). Profit margin: 0.7% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Packaging industry in Europe. New Risk • Oct 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (€36.3m market cap, or US$38.1m). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CA$0.01 (vs CA$0.066 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.01 (down from CA$0.066 in 2Q 2022). Revenue: CA$24.5m (down 24% from 2Q 2022). Net income: CA$438.0k (down 87% from 2Q 2022). Profit margin: 1.8% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Packaging industry in Europe. Reported Earnings • May 26
First quarter 2023 earnings released: EPS: CA$0.02 (vs CA$0.04 in 1Q 2022) First quarter 2023 results: EPS: CA$0.02 (down from CA$0.04 in 1Q 2022). Revenue: CA$23.2m (down 25% from 1Q 2022). Net income: CA$923.0k (down 56% from 1Q 2022). Profit margin: 4.0% (down from 6.7% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Packaging industry in Europe. Announcement • May 25
Imaflex Inc. Announces Chief Financial Officer Changes Imaflex Inc. announced that Mr. Giancarlo Santella, Chief Financial Officer (CFO), is leaving the Corporation to pursue other career opportunities in a new industry. Mr. Santella will continue to serve as CFO until his departure, which is planned for June 9, 2023. In the interim, the Corporation announced that John Ripplinger, Vice President Corporate Affairs, will also assume the responsibilities of the CFO role. Mr. Ripplinger has over 25 years of experience working in such areas as Strategic Planning, Financial Planning & Analysis, Budgeting & Reporting and Corporate Affairs, working predominantly for blue-chip companies. He holds an MBA from McGill University. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: CA$0.18 (vs CA$0.17 in FY 2021) Full year 2022 results: EPS: CA$0.18 (up from CA$0.17 in FY 2021). Revenue: CA$111.5m (up 3.8% from FY 2021). Net income: CA$9.13m (up 9.1% from FY 2021). Profit margin: 8.2% (up from 7.8% in FY 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CA$26.6m (down 9.8% from 3Q 2021). Net income: CA$3.12m (up 13% from 3Q 2021). Profit margin: 12% (up from 9.4% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Packaging industry in Europe. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: CA$0.066 (vs CA$0.04 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.066 (up from CA$0.04 in 2Q 2021). Revenue: CA$32.1m (up 17% from 2Q 2021). Net income: CA$3.42m (up 71% from 2Q 2021). Profit margin: 11% (up from 7.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.0%, compared to a 14% growth forecast for the Packaging industry in Germany. Reported Earnings • May 26
First quarter 2022 earnings released: EPS: CA$0.04 (vs CA$0.039 in 1Q 2021) First quarter 2022 results: EPS: CA$0.04 (up from CA$0.039 in 1Q 2021). Revenue: CA$31.1m (up 25% from 1Q 2021). Net income: CA$2.08m (up 6.7% from 1Q 2021). Profit margin: 6.7% (down from 7.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.3%, compared to a 18% growth forecast for the industry in Germany. Buying Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 47%. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Roberto Longo was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 16
Full year 2021 earnings released: EPS: CA$0.17 (vs CA$0.13 in FY 2020) Full year 2021 results: EPS: CA$0.17 (up from CA$0.13 in FY 2020). Revenue: CA$107.5m (up 24% from FY 2020). Net income: CA$8.37m (up 32% from FY 2020). Profit margin: 7.8% (up from 7.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.7%, compared to a 16% growth forecast for the industry in Germany. Recent Insider Transactions • Sep 26
Insider recently sold €350k worth of stock On the 24th of September, Ralf Dujardin sold around 400k shares on-market at roughly €0.87 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €578k more than they bought in the last 12 months. Recent Insider Transactions • Sep 23
VP of Manufacturing recently sold €65k worth of stock On the 15th of September, Tony Abbandonato sold around 75k shares on-market at roughly €0.87 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €227k more than they bought in the last 12 months. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CA$0.04 (vs CA$0.007 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$27.4m (up 32% from 2Q 2020). Net income: CA$2.00m (up 485% from 2Q 2020). Profit margin: 7.3% (up from 1.6% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 28
First quarter 2021 earnings released: EPS CA$0.039 (vs CA$0.062 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: CA$24.9m (up 19% from 1Q 2020). Net income: CA$1.95m (down 37% from 1Q 2020). Profit margin: 7.8% (down from 15% in 1Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 18
Full year 2020 earnings released: EPS CA$0.13 (vs CA$0.031 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$86.7m (up 6.9% from FY 2019). Net income: CA$6.35m (up 314% from FY 2019). Profit margin: 7.3% (up from 1.9% in FY 2019). The increase in margin was driven by higher revenue.