Innovative Composites Significantly Strengthens Its Board of Directors

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 law.

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 Scottsdale, Arizona.

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 companies.

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 management company. 

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.

Christopher Kruba

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 projections."

SOURCE Innovative Composites International Inc.

For further information:

Ilja Troitschanski
Chief Financial Officer
(416) 646 0754
ilja@innovativecompositesinc.com

or

Graeme Dick
Brisco Capital Partners
(403) 561-8989
graeme@briscocapital.com

Organization Profile

Innovative Composites International Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890