- Plant start-up according to schedule and on budget -
TORONTO, March 26, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF) a producer of patented protected composite products targeting the multi-billion dollar prefabricated modular housing and transportation markets, announced today the successful start-up of the production line at its flagship Orangeburg, South Carolina facility, designed to produce up to 5,000,000 square feet of composite modular homes annually.
"The commissioning of the plant equipment and initial production of our composite homes has begun," said Terry Ball, President and CEO of ICI. "The on time and on budget start-up of the South Carolina facility represents the achievement of another major milestone by our team. It is important to understand that no technology scale up is taking place here. We are simply increasing throughput volume by adding material handling equipment to our line and therefore do not expect any major technical challenges in the ramp up process," he added.
ICI's pipeline of affordable housing projects is currently in various stages of development in over a dozen countries worldwide and the company believes that the demonstration of commercial production in South Carolina should accelerate the conversion of these opportunities into significant sales and result in the addition of new projects to the pipeline.
Ramp up will start gradually during the first few weeks to allow for process optimization, equipment de-bugging and product quality adjustments, with an expectation to complete production of the first EcoScapeTM homes in early April. Commercial shipments of the modular homes are expected to take place in early May followed by a steady ramp-up of plant facility over the coming months.
The Company also announced today the retirement of Hon. John D. Reynolds from the Board of Directors. In a letter to the Board Mr. Reynolds stated that he enjoyed serving as Director of ICI but would like to spend more time with his family during his retirement.
"On behalf of the board, I would like to sincerely thank John for his service on the Board of ICI," said Terry Ball. "John's made an important contribution to our company and we wish him well as he enjoys his retirement."
Notice of Q1 FY2012 Conference Call
ICI will hold a conference call to discuss its first quarter fiscal 2012 financial results on Monday, April 2, 2012 at 10:00 a.m. ET. The Company will report its financial results on Friday, March 30, 2012 before market open. ICI is releasing its first quarter results at this time to accommodate for the adoption of IFRS reporting.
To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management's presentation.
A taped replay of the conference call will also be available to listeners until 12:00 a.m. Thursday, January 26, 2012. To access the rebroadcast, please dial 416-849-0833 or 1-855-859-2056 and enter passcode 65594194, followed by the number sign.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composite International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular 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 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.
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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."