TORONTO, Nov. 7, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF, a producer of proprietary engineered composite products, announced today that it has delivered the specifically engineered enclosures from the previously announced first production order and that it has received purchase orders for additional enclosures, which bring the total number of enclosures ordered to 16. The enclosures are all approximately 8' wide and 8' tall and range in size from 28' to 54' long. The Company is producing these enclosures in its Orangeburg, South Carolina facility and these orders represent the first recurring revenue generated by that facility. The customer, who is a global leader in the heating, air conditioning, and refrigeration market, has continued to request that their name not be released for competitive reasons. The Company is working on several different new enclosure designs for possible adoption by this customer.
"These enclosures were custom-engineered for this customer based on their specifications and are a result of a tremendous amount of work and a cooperative effort by teams on both sides," said Terry Ball, President and CEO of ICI. "They were made possible because of the attributes of ICI's proprietary thermoplastic RMor SkinTM, such as its significant weight-to-strength ratio, resistance to the elements, and because of its versatility and flexibility. We are very pleased with the performance of the production equipment in our South Carolina facility and we are proud to have been chosen as a supplier for these enclosures. We are working diligently with this world-class customer to expand this relationship going forward."
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) is a high-tech engineering and manufacturing company whose goal is to utilize its proprietary "green" composite materials and building systems to provide innovative, engineered product solutions to markets that include prefabricated modular housing, shelters and containers, and industrial applications.
To find out more about ICI please visit our website at: 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
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