Increase in Purchase Orders Results in Adding a Second Shift at
TORONTO, May 4 /CNW/ - Innovative Composites International Inc.
(IC:TSX-V) ("ICI" the "Company"), announced today that it has secured two new customers for its
composite mobile storage containers. A purchase order for 20 containers
was placed by a Canadian storage enterprise and a US-based
moving-and-storage company purchased several containers to be placed in
their fleet to be tested in real life conditions.
ICI's composite containers provide an affordable, durable and
lightweight alternative to traditional steel container products
allowing for significantly higher payloads and/or fuel savings. Another
important feature is the ability to fold the composite containers
quickly and without utilization of any machinery. A 53' tractor trailer
can carry up to 24 folded containers compared to only two conventional
ones. This allows moving and storage companies to utilize their vehicle
fleets more efficiently and address the current shortage of trailers
The production of the composite containers for the Canadian company will
begin immediately and adds to the expanding list of confirmed purchase
orders that ICI now has on its books. The US-based moving-and-storage
company has started testing the ICI containers this week and is
expected to complete evaluation and place possible follow-up orders in
the near future. This customer is one of the 20 largest transportation
companies in the US and brings the total number of ICI's active
container customers to four.
"We continue to generate continuous revenue in the transportation
industry, specifically expanding sales in composite containers,
trailers and tonneau covers. As of today, over $450,000 worth of
finished goods are scheduled to be shipped out in the next 8 weeks
which further speaks to the acceptance of our products in our target
markets," said ICI President and CEO Terry Ball. "It is very important
for ICI to continue growing transportation industry revenue while we
are working on securing anticipated large scale housing contracts," he
The recent increase in the number of purchase orders resulted in adding
a second shift at the Sault Ste. Marie manufacturing facility. High
unemployment in the area and the proximity to the Lake State University
provides a good pool of qualified labour to staff required positions.
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. (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, potential cancellation of existing purchase
orders, 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:
Chief Financial Officer
(416) 646 0754
Brisco Capital Partners