TORONTO, Sept. 14, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF), a producer of proprietary engineered composite products, announced the granting of 900,000 options to certain officers and
employees. The options were granted to the senior management of the
Company who took a voluntary temporary 25% salary reduction in order to
reduce the operating burn rate of the Company, and are a reflection of
management's confidence in the prospects for the Company.
The options are exercisable at $0.19 per share, which was set as a $0.05
premium over the closing price of ICI shares on the day prior to the
grant of the options, and have a term of seven years. The options are
subject to the following vesting provisions: 25% shall vest upon the
Company's South Carolina facility shipping commercial products having
an aggregate value of $5 million; 25% shall vest upon the Company being
cash flow positive for a combined 12-month period, upon the date that
the financial statements of the Company evidence this and are publicly
available; 50% shall vest in 36 equal amounts with one-seventy second
(1/72) of the options vesting on the first day of each of the 36 months
following the date of grant.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) is a high-tech engineering and manufacturing company whose goal is to
utilize its proprietary "green" composite materials and building
systems to provide innovative, engineered product solutions to markets
that include prefabricated modular housing, shelters and containers, and industrial applications.
Led by a management team with extensive commercialization experience,
ICI has adopted a two-tier business model: It designs and manufactures products and partners with established
companies in its target markets to utilize their sales channels for
faster product roll-out.
The superior characteristics of its products provides ICI with
opportunities to establish and grow significant, sustainable, and
diversified sources of revenue in its target markets.
To find out more about ICI please visit our website at:
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Neither 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.
"Statements made in this press release include forward-looking
statements that involve a number of risks and uncertainties. These
statements relate to future events or future performance and reflect
management's current expectations and assumptions. A number of factors
could cause actual events, performance or results to differ materially
from the events, performance and results discussed in the
forward-looking statements, such as the economy, generally, competition
in its target markets, the demand for ICI's products and the
availability of funding. These forward-looking statements are made as
of the date hereof and ICI does not assume any obligation to update or
revise them to reflect new events or circumstances. Actual events or
results could differ materially from ICI's expectations and
SOURCE: Innovative Composites International Inc.
For further information:
Chief Financial Officer
(416) 646 0754