ICI's South Carolina plant set up is progressing on schedule, and sales
activity has accelerated after the award of the recent $68 million
TORONTO, Sept. 20, 2011 /CNW/ - Innovative Composites International Inc.
(TSX-V:IC) ("ICI" the "Company"), is pleased to provide an update on its South Carolina facility.
The Company has signed a six year lease agreement for the building that
will house its South Carolina manufacturing facility ("SC Facility"). The SC Facility is scheduled to start producing the EcoScapeTM affordable housing system in the first quarter of 2012. The 126,000 sq.
ft. building is located on a 34 acre site in Orangeburg, 60 miles from
the Charleston ocean port. A recently completed environmental
assessment showed no issues, and ICI will proceed with very minor
leasehold improvements over the next few months to prepare the building
for the launch of operations.
At full capacity the SC Facility will generate over 300 jobs, and the
state and local authorities in South Carolina have put together an
incentive package totaling approximately $17 million to bring ICI to
this location. The state of South Carolina provided training and job
development credits that will become available once hiring targets are
met. The local authorities provided a fee-in-lieu-of-tax agreement and
a special source revenue credit for the Company.
"South Carolina is a pro-business state, and we celebrate ICI's decision
to invest here and create 300 new jobs. This is another win for one of
our rural areas," says South Carolina Governor Nikki Haley.
ICI management has been interviewing candidates to fill key positions in
the SC Facility and expects to start hiring personnel over the next few
weeks. Staffing levels will gradually increase over the next six months
as set-up activity progresses.
Capital equipment is scheduled to start arriving on site in the fourth
quarter of 2011, with the ramp-up scheduled to start in early 2012. The
SC Facility is designed to produce approximately 5,000,000 square feet
of affordable housing per annum at full capacity. ICI is planning to
hold a ribbon-cutting ceremony once the first houses come off the
"Plant set-up is progressing well and we are very pleased with the
availability of qualified personnel in the area," says Terry Ball,
ICI's Chief Executive Officer. "ICI is on-target to start shipping
affordable housing in the first quarter of 2012 to satisfy existing
contract commitments and potential new affordable housing projects," he
Sales activity update
Sales activity has seen a major boost over the past two months with
several additional large housing projects now under development.
Management expects to be in position to provide specific information in
respect to size and timing of particular projects in the near future
About Innovative Composites International Inc.
Headquartered in Toronto, Canada Innovative Composite International
(TSX-V :"IC") is a high tech engineering and manufacturing company that is
successfully commercializing a patent protected line of
state-of-the-art composite products targeted at the multi-billion
dollar transportation and affordable housing markets.
Led by a team of commercialization experts ICI has adopted a tier two
business model: it designs and manufactures game-changing products and
partners with established companies in its target markets to utilize
their sales channels for faster product roll-out.
This strategy and the superior characteristics of the products have
resulted in rapidly growing sales in both markets and opened up
opportunities that could lead to large scale contracts on an ongoing
To find out more about ICI please visit our website at: www.innovativecompositesinc.com
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