TORONTO, Feb. 24 /CNW/ - Innovative Composites International Inc. (TSXV:
IC) ("ICI" the "Company"), announced today that it has significantly strengthened its Board of
Directors by adding three new appointees. The new Board members bring
extensive and direct industry experience and depth to ICI as well as
outstanding accomplishments in the fields of business, politics and
Honourable John D. Reynolds P.C.
Mr. Reynolds career in Canadian politics began in 1972 and includes two terms as a Member of Parliament and two terms as a Member
of the Legislative Assembly for British Columbia culminating in his
appointment as Minister of Environment in 1989. During his time as
Member of Parliament he chaired the Progressive Conservative Caucus
Committee responsible for the Department of Supply and Services. In
September 1989, Mr. Reynolds became the first politician from British
Columbia elected as Vice-Chairman of the executive Committee of the
Commonwealth Parliamentary Association, which is composed of
representatives from 112 Commonwealth nations, states and provinces.
In 1992 Mr. Reynolds elected to return to the private sector, where for
four years he was President of a venture capital company based in
Mr. Reynolds resumed his political career in 1997 when he was again
elected to the House of Commons. From 1998 to 2004 he held several
important positions within the federal government including Leader of
the Opposition, member of the Procedure and House Affairs Committee as
well as member of the Board of Internal Economy. Following Stephen
Harper's successful bid to become Leader of the Conservative Party of
Canada, Mr. Reynolds served as co-chair of the successful national
Conservative Party campaign for the 2006 federal election, in which
Stephen Harper was elected Prime Minister of Canada. Following his
tenure as an elected official, Mr. Reynolds pursued work in the private
sector, which included directorships on the boards of numerous public
Mr. Reynolds was appointed as a member of the Queen's Privy Council for
Canada 2006. In March 2006, he was appointed as a Senior Strategic
Advisor to McMillan law firm in Vancouver.
Robert J. Pulte
Mr. Pulte is a member of the Pulte family, one of America`s most
successful and prominent home building families. Pulte Homes, Inc.
(NYSE: PMH) is one of the largest home builders in the world. He brings
decades of experience in the construction industry along with a
national network of high level contacts from the home building, real
estate and finance communities to ICI.
In 1987 Mr. Pulte was the founder and President of his own custom home
building company, Manor Homes, Inc., based in Bloomfield Hills,
Michigan. In 2000 Mr. Pulte co-founded Stonecliffe Properties, a real
estate development company on Mackinac Island, Michigan. The company is
developing The Inn at Stonecliffe and its 12 acres into a first
class resort community including the construction of up to 50 new
condominiums. In 2004, Mr. Pulte formed RP Investments, LLC,
a commercial real estate development, construction and property
In 2008, Mr. Pulte invested in Trillacorpe Construction, a Service
Disabled Veteran Owned Small Business specializing in military and
government contracting. In 2009 Mr. Pulte became a Partner and the
Senior Vice President of the Military & Veteran Housing division. In
2010, with Trillacorpe Construction, Mr. Pulte co-founded Patriot Park
Properties, a nationwide Veteran Housing program designed to house,
educate and integrate Veterans back into society.
Although in construction all his life, Mr. Pulte`s business interests
also include Red Cloud Food Services, an American Indian owned food
company, as well as The Great Lakes Buffalo Company, a business that
commercialized the market for Bison meat products.
Mr. Kruba is counsel to KS Centoco Ltd. and a number of related
corporations that are part of the Toldo Group. The Toldo Group is
composed of several privately held corporations in Canada, the United
States and Mexico, which manufacture in diversified sectors. In
addition to his position as counsel at the Toldo Group, Mr Kruba also
serves as corporate secretary to all of the companies, and is a board
member of some of them. Mr. Kruba has been with the Toldo Group since
2000 and prior to that he practiced law at the Windsor, Ontario law
firm of Gignac, Sutts LLP.
Mr. Kruba will represent the interests of KS Centoco on the ICI Board of
Directors. KS Centoco is the holder of a $2 million debenture
convertible into units of the Company.
Concurrently, the Company would like to express sincere gratitude to
retiring Director, Dennis Woods. Mr. Woods' involvement in 2008 and
2009 helped ICI through a very tough economic environment and his
service and contribution on the Board of Directors assisted in getting
the Company to where it is today. Mr. Woods has agreed to maintain his
involvement with ICI by joining its Advisory Board. His aluminium
extrusions experience will continue to add value to the Company as such
extrusions are used in many of ICI's products.
"There is little doubt that the new Board Members can add tremendous
value to ICI as we continue to execute our business plan. They bring a
wealth of successful experience in the housing and other industries and
significantly enhance our ability to penetrate new market segments."
said ICI President and CEO, Terry Ball. "I would also like to thank
Dennis Woods for everything he has done for ICI. Without his
contribution the development of the Company through 2008 and 2009 would
have looked a lot different."
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, ICI is a high-tech engineering and
manufacturing company established in 2007 by a group of entrepreneurs
with a successful track record in commercializing advanced materials.
The Company is currently focused in two areas: Structure LiteTM panels, a unique line of application-ready structural composite panels
and Hero 451TM, a line of environmentally friendly fire inhibitors and suppressant.
ICI's goal is to deliver products that exceed industry standards with
greater durability, strength, flexibility and safety.
ICI is partnering directly with leaders in its target industries as it
considers it to be the fastest way to bring products to market. ICI's
customized solutions are intended to provide partners with material
advantages over their competitors.
To find out more about Innovative Composites International Inc. (TSX-V:
IC), please visit our website at http://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
Brisco Capital Partners