Imaflex Inc. announces results for the first quarter ended March 31, 2008

TICKER SYMBOL: IFX.A

Imaflex Inc. (the "Company") (TSX Venture Exchange - IFX.A) announces results for the first quarter ended March 31, 2008.

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    (unaudited)

    (CDN $ thousands, except per share amounts)            Q1 2008   Q1 2007
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    Sales                                                   12,114    12,028
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    Cost of sales                                           10,238    10,292
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    Gross profit ($)                                         1,876     1,736
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    Gross profit (%)                                          15.5      14.4
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    Expenses                                                 2,064     1,870
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    FX loss (gain) on translation                              100      (136)
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    Income (loss) before income taxes                         (288)        2
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    Provision for income taxes                                 188        81
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    Non-controlling interest                                     -         -
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    Net loss                                                  (476)      (79)
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    Basic and diluted loss per share                        (0.013)   (0.002)
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    EBITDA                                                     822       903
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    >>

The results include those of Imaflex Inc. ("Imaflex") located in Montréal (Québec) and its division Canguard Packaging ("Canguard") located in Victoriaville (Québec), and its wholly owned subsidiaries, Imaflex USA, Inc. ("Imaflex USA") located in Thomasville (North Carolina) and Canslit Inc. ("Canslit") located in Victoriaville (Québec).

Summary - Results of Operations

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The Company incurred a net loss of $476,000 for the three months ended March 31, 2008, compared with a net loss of $79,000 for the same period in 2007. The Company's Canadian operations generated net income of $555,000 for the three months ended March 31, 2008, compared with net income of $276,000 for the same period in 2007. Furthermore, the current quarter's results were adversely impacted by losses at the Company's U.S. facility of $572,000, compared with $386,000 for the same period in 2007. Lastly, the Company incurred a foreign exchange loss on the translation of the integrated subsidiary of $459,000, compared with a foreign exchange gain of $136,000 for the same period in 2007.

Sales

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Sales for the quarter ended March 31, 2008, totalled $12,114,000 compared with $12,028,000 for the same period in 2007. Sales are comparable to the prior year.

Gross profit margins

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The gross margin percentage increased during the quarter to 15.5% compared to 14.4% for the same quarter in 2007. This increase is due to the increased efficiency in our Canadian operations.

Income taxes

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The income tax provision reflects the taxes on the income generated by the Company's Canadian operations. No future income tax benefits have been recorded on Imaflex USA's operating losses.

Management Outlook

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As reported in earlier outlooks our U.S. operations have been hampered with machinery problems and up to now could not contribute to reducing this entity's losses. The date at which all machinery problems were resolved was the first week of March, and hence too late to materially affect current quarter results. Management has begun to execute its plans, and expects that its actions will result in the dramatic decrease in losses in this entity during the coming quarters.

As to our Canadian operations, this quarter's results at Canslit and Canguard confirm managements' expectations of greater profitability. The many changes undertaken, completed in the last quarter of 2007, have dramatically increased profitability in both these entities and these are expected to contribute greater profits in the coming quarters.

Our focus in our Canadian operations now changes to increasing revenues in Imaflex Inc. This change is the result of the successful integration at Canslit, and Canguard. The result of their successful integration now permits management to concentrate on replacing the capacity devoted to supplying them, with revenues from third parties. Having made cost adjustments to offset the prevailing market conditions management now fully expects that the increased revenues, from third parties, in the coming quarters will achieve the objectives of greater profitability.

Safe Harbor Statement

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Certain statements and information included in this release constitute "forward-looking statements". Such forward-looking statements 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 in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's other public filings. Unless otherwise required by the securities authorities, we do not undertake to update any forward-looking statements that may be made from time to time by us or on our behalf.

Non-GAAP Measure

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The Company's management uses a non-GAAP measure in this press release, namely EBITDA. Management wishes to specify that in the performance of the Company's financial results, EBITDA is shown as "Earnings before interest, taxes, depreciation and amortization". While EBITDA is not a standard GAAP measure, management, analysts, investors and others use it as an indicator of the Company's financial and operating management and performance. EBITDA should not be construed as an alternative to net income determined in accordance with GAAP as an indicator of the Company's performance. The Company's method of calculating EBITDA may be different from those used by other companies.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.

%SEDAR: 00011834EF

SOURCE: IMAFLEX INC.

Imaflex Inc.: Joseph Abbandonato, President and C.E.O; Robert Nagy, CMA, CIA -
Controller, (514) 935-5710, Fax: (514) 935-0264, info@imaflex.com; www.imaflex.com