TORONTO, Aug. 4 /CNW/ - Innovative Composites International Inc. (IC:TSX-V) ("ICI" the "Company"), is pleased to announce that the Company was named one of the winners of the first stage of the Building Back Better Communities housing competition for Haiti. ICI has entered the housing competition together with its consortium partners 3D Global Solutions and Barclays Gedi Group, both privately held US companies.
Building Back Better Communities has been initiated by the Government of Haiti to investigate alternative forms of permanent housing for displaced citizens. By successfully passing stage one, ICI has qualified to participate in the prototype housing Expo that will take place in Port-au-Prince in October 2010.
Overall project scope for re-building the damaged housing in Haiti is estimated at $4 billion(1). Specific contracts are expected to be awarded by the government of Haiti in early 2011 based on the results of the Expo.
"The consortium we put together with 3D Global Solutions and Barclays Gedi Group has all the right skill sets and experience to implement large scale affordable housing projects and the fact that we have been selected for the second stage of the Haiti housing competition reflects that. We are excited about this opportunity and will pursue it with the diligence and resources it requires," commented Terry Ball, President and CEO of ICI.
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 Lite(TM) panels, a unique line of application-ready structural composite panels and Hero 451(TM), 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. (IC: TSX-V), please visit our website at http://www.innovativecompositesinc.com.
(1) Government of Haiti Action Plan, March 2010
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 projections."
SOURCE Innovative Composites International Inc.
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