TORONTO, April 26 /CNW/ - Innovative Composites International Inc.
(IC:TSX-V) ("ICI" the "Company"), announced today that it was awarded a project to supply a maternity
ward building for a Hospital in Milot, Haiti.
The maternity ward is an addition to the Sacred Heart Hospital: Crudem,
the largest private hospital in Northern Haiti and will include a
treatment facility and patient care rooms. This project has been
initiated by SCI Haiti, S.A. a provider of business services for
private and public property development in Haiti.
This purchase order marks an important milestone for ICI which has been
actively working with the local government and international aid
organizations to provide affordable housing solutions for Haiti. The
maternity ward is the first commercial application utilizing ICI's
EcoScape™ patent pending housing design and should further strengthen its
position in securing large scale municipal and federal housing
contracts on which it has bid.
Hans C. Schutt, Managing Director and co-founder of SCI Haiti, S.A.
states: "We are excited to work with ICI on this and future projects in
Haiti. The EcoScape™ building system allows for the assembly of safe
and secure building structures in a fraction of the time it takes to
build with traditional materials. One of the major factors that
attracted us to the system is that we can assemble the structure using
100% local Haitian labor, thereby advancing our goal of creating jobs
for Haitians as part of the reconstruction efforts". Mr. Schutt has
informed ICI management that there are multiple projects currently
being reviewed that he intends to propose ICI's technology as the
building system of choice.
"This is the first EcoScape™ project and we are proud to finally roll out our signature product that
can fulfill such an urgent need," said ICI President and CEO Terry
Ball. "The recently concluded federal election seems to have stabilized
the political situation in Haiti and this project is further evidence
that rebuilding efforts can now get underway," he said.
Prior to ICI's involvement with the maternity ward project it was
supposed to be supplied by the Company's biggest known competitor in
the composite housing market ("Competitor"). The USA based private company has ceased operations and entered Chapter
11 bankruptcy protection last month based on several multi-million
dollar lawsuits alleging that management has misappropriated funds. As
a direct result ICI has received numerous inquiries from former clients
and business partners of the Competitor looking to utilize ICI's
product instead. The EcoScape™ system can easily and quickly replace the Competitor's housing products
for virtually any project.
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™ panels, a unique line of application-ready structural composite panels
and Hero 451™, 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
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