Project Proposal Submitted for Haiti Re-Building Initiative
TORONTO, July 21 /CNW/ - Innovative Composites International Inc. (IC:TSX-V) ("ICI" the "Company"), is pleased to announce it has signed a Cooperation Agreement ("Agreement") with 3D Global Solutions ("3DGS") and Barclays Gedi Group ("BGG") a privately held US company specializing in complete construction services for a variety of domestic and international projects.
To date, BGG has built over 25,000 residential units, including single family, mid-rise, and high-rise buildings in the United States and in the Middle East. BGG pioneered the field of quality, feature-rich living environments for families with low to moderate incomes, primarily in the Middle East and Africa. BGG developed a satellite city of 7,000 units in the Middle East, complete with shopping centers, schools, clinics and recreational facilities.
Together, ICI, 3DGS and BGG have formed a Consortium for execution of affordable housing projects. According to the Agreement BGG will provide general contractor services to projects sourced by 3DGS and utilizing ICI's patented housing design. The Consortium brings to the table all the required credentials of advanced engineering, construction, materials technology, project management and turnkey financing that are essential to successful project implementation.
As its first project, the Consortium has prepared a proposal for the "Building Back Better Communities" ("BBBC") initiative coordinating rebuilding efforts in Haiti. The Haiti earthquake destroyed in excess of 100,000 homes and 200,000 homes that were not completely destroyed were made uninhabitable. The financial cost of the earthquake's damage has been conservatively set at US$10 billion, with housing damage making up 40% of this figure.(1)
BBBC is organized in two stages, first stage submissions will be evaluated and the winners notified by the end of July, 2010. Those selected will be invited to participate in the second stage: a prototype housing Expo to take place in Port-au-Prince, Haiti in October 2010.
"BGG is the third leg of the stool. 3DGS will source and manage projects, ICI will adopt its design and manufacture housing units according to project specifications and BGG will be the general contractor for project implementation. BGG's successful track record and affordable housing know how should accelerate the roll out of projects significantly," commented Terry Ball, President of ICI. "The Haiti initiative is a good opportunity for us because ICI's housing design is hurricane and earthquake proof, as well as rot, mould and insect resistant, all of which being extremely important in that part of the world," Mr. Ball added.
"BGG has been looking for an energy efficient, low-cost housing design that can be adopted to local projects worldwide. The fact that ICI's design is hurricane and earthquake proof, as well as rot, mould and insect resistant makes it that much more attractive," said Wayne Gerl, President of Barclays Gedi Group. "By manufacturing the units in the US and using local labour for final assembly we can make sure appropriated funds are used efficiently and at the same time stimulate the local economy of the project destination."
(1)Government of Haiti Action Plan, March 2010
About Barclay's Gedi Group.
In 2003, the principals of Barclays Group International, Gedi Construction and Gerl Construction merged to form the Barclays Gedi Group (BGG), an international construction consortium with over 100 years of combined experience delivering large-scale development projects across the globe. Recently, BGG has been expanding rapidly in emerging economies with construction projects and operations in Algeria, Libya, Qatar and Tunisia.
To date, Barclays Gedi Group has implemented more than 226 projects internationally. Projects range from retail centers to large-scale residential projects in all corners of the world.
About 3D Global Solutions, Inc.
3D Global Solutions is a US based Service-Disabled Veteran-Owned Business with both military and corporate experience, dedicated to providing consulting services to government contractors, corporations, and non-profit organizations seeking to do business with the military and federal government. 3DGS has a solid track record of project implementation in the aerospace, defense, education, health, government and transportation sectors.
3D Global Solutions is a leader in professional program management services to governments, corporations, and global organizations. We improve services by managing people, processes, technology, and assets more effectively. We provide advice to policy makers, provide innovative solutions, integrate systems, and - most importantly of all - deliver to our clients.
3DGS has offices in New York, NY, Washington, D.C., Lima, Peru and Dubai, UAE. For more information please visit www.3DGlobalSolutions.net.
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(TM) panels, a unique line of application-ready structural composite panels and Hero 451(TM), 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 projections."
SOURCE Innovative Composites International Inc.
For further information: For further information: 3D Global Solutions: PublicRelations@3dglobalsolutions.net, (866) 238-6761 X1021; Innovative Composites Inc.: Ilja Troitschanski, Chief Financial Officer, (416) 646 0754, email@example.com; Scott Koyich, President, Brisco Capital Partners, (403) 262-9888, firstname.lastname@example.org; or Graeme Dick, Brisco Capital Partners, (403) 561-8989, email@example.com