TORONTO, Feb. 6, 2013 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF, a producer of proprietary engineered composite products, announced today changes to the board of directors of the Company.
Mr. Andrew McConnell has been appointed as a director of the Company.
Mr. McConnell is President and CEO of Ayiigwa Corporation, which works
concurrently with and for the First Nations communities and is engaged
in the acquisition, active management and financing of debt and equity
investments in the renewable energy, mineral resources, and real estate
sectors. Mr. McConnell has a wealth of experience in the business
community, which includes 15 years with the Royal Bank of Canada.
Prior to his business career, Mr. McConnell was a professional football
player in both the NFL and the CFL and he is a graduate of St. Francis
Xavier University. Mr. Chris Kruba has resigned as a director of the
Company. The board of directors of ICI thanks Mr. Kruba for his
services to the Company and wishes him every success in his future
"We are fortunate to have someone of Mr. McConnell's caliber join our
board of directors and I speak for the board in welcoming Mr. McConnell
to the Company and saying that we look forward to working with Andrew
in guiding ICI to a successful future," said Terry Ball, CEO of ICI.
"I also wish to take this opportunity to thank Chris for his years of
service on ICI's board. He was a valued member of the board and we
wish him the best."
The Company granted 200,000 options to Mr. McConnell, who is currently
receiving no cash compensation for his services as director. These
options are exercisable at $0.20 per share, which is a $0.145 premium
over the closing price of ICI shares on the day prior to the grant of
the options, and have a term of 7 years. These options vest on a
straight-line basis over 12 months commencing on February 5, 2012.
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.
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