Innovative Composites Signs Long Term Agreement to Supply EcoScape™ Modular Housing to Brazil

Agreement represents approximately US$160 million of revenue over three years

TORONTO, Nov. 10, 2011 /CNW/ - Innovative Composites International Inc. (TSX-V: IC) ("ICI" or the "Company"), announced today that it has signed a Cooperation Agreement (the "Agreement") with Millenium Brasil Limitada ("Millenium"), a Brazilian general contractor, and Green Intelligence Corporation ("Greenco"), a consulting company dedicated to the development of sustainable projects, to supply EcoScapeTM modular homes for large housing projects in Brazil.

According to the Agreement, approximately US$160 million worth of EcoScapeTM homes would be shipped to Brazil from ICI's South Carolina facility ("SC facility") over the next three years. After such time, ICI would establish a manufacturing facility in Brazil in cooperation with Millenium and Greenco, subject to a minimum local demand for 10,000,000 square feet of housing annually.

ICI will ship a model home to Brazil in early 2012 and begin regular shipments from the SC facility once commercial production begins, expected in the first quarter of calendar 2012. The Agreement contemplates a ramp up of 30 homes per week for the first 1,000 homes increasing to 50 homes per week thereafter.

"EcoScapeTM modular housing has all the attributes we were looking to service large scale demand in Brazil quickly," said Gustavo Cortês, legal representative of Greenco in Brazil.  "Its cost, speed of assembly, energy efficiency and versatility of appearance make it a great choice for the Brazilian market. We look forward to a long term relationship with ICI and applaud their long term commitment to establishing a manufacturing facility in Brazil in partnership with us."

"ICI continues to establish EcoScapeTM as the modular home system of choice for large scale low cost housing projects worldwide," said ICI President and CEO Terry Ball. "There is strong demand in the Brazilian housing market and we believe we have found the right partners to take advantage of this opportunity. ICI continues to win contracts and grow our project pipeline as we get closer to the start-up of the SC facility in the first quarter of next year."

Chosen to host both the 2014 FIFA World Cup and the 2016 Summer Olympics, Brazil boasts one of the world's most robust economies, with 7.5% growth in 2010 and a rapidly expanding middle class. Under an ambitious accelerated-growth program (Programa de Aceleração do Crescimento, or PAC) Brazil has laid down  investment plans of more than US$800 billion for infrastructure, including approximately US$72 billion for "Minha Casa, Minha Vida", which aims to build two million new homes for low-income families before 2014.

About Millenium Brasil Limitada.

In business since 2002, Millenium Brazil (MBRA) implements large scale construction projects as well as engineering projects with national market leaders, mainly in the steel and petrochemical industries.

The result of a continuous process of evaluation of our people' skills, is an MBRA team of professionals having the highest technical and managerial competence. Our team's deep knowledge and experience in the market segments in which we operate differentiates us from competitors, allows for smooth business processes and reflects the requirements of the market and its customers.

To find out more about MBRA please visit our website at: http://www.mbra.com.br/

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 basis.

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, the ability of ICI's clients to carry out their contract obligations 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 projections."

SOURCE Innovative Composites International Inc.

For further information:

Ilja Troitschanski                                or                               Philip Dale

Chief Financial Officer                                                         TMX Equicom

(416) 646 0754                                                                    (416) 815 0700 ext 253

ilja@innovativecompositesinc.com                                      pdale@equicomgroup.com

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Innovative Composites International Inc.

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