-Initial production order from previously announced supply agreement-
TORONTO, Sept. 5, 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 received the first production order under the previously announced three year supply agreement for specially engineered enclosures with a global market leader in its sector. The enclosures will be produced utilizing ICI's structural panels and proprietary RMor SkinTM product.
"This production order came as a result of our ability to rapidly respond to a customer's specific requirements and is an affirmation of our capability to innovate, engineer and manufacture within a short time-frame," said Terry Ball, President and CEO of ICI. "The RMor SkinTM product has attractive attributes including a significant weight-to-strength ratio and resistance to the elements such as wind, rain, and sunlight. We are proud to have been chosen to supply these enclosures to this customer and we look forward to expanding this relationship in the future."
These 175-460 square foot enclosures are prefabricated structures built with composite panels to the customer's specifications as a part of a plan to transform their industry by incorporating new and advanced technologies into their products.
Due to the industry changing potential of the product the customer has required that their name and the specific industry not be revealed until such time as they undertake an official launch of these products.
This supply agreement and first production order are a reflection of ICI's commitment and capability to create new revenue streams for its products in parallel to developing the market opportunities in the modular housing sector.
Mr. Ball continued, "ICI has an objective of generating multiple recurring revenue streams through a three-pronged approach: (i) aggressively pursue the North American housing market; (ii) develop sales channels into the shelter and container markets; and (iii) go after multiple sales opportunities in the industrial applications. We remain well-capitalized and with our current prospects and cost management efforts, we are working towards significantly mitigating or eliminating our burn rate over the next fiscal year."
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.
Led by a management team with extensive commercialization experience, ICI has adopted a two-tier business model: It designs and manufactures products and partners with established companies in its target markets to utilize their sales channels for faster product roll-out.
The superior characteristics of its products provides ICI with opportunities to establish and grow significant, sustainable, and diversified sources of revenue in its target markets.
To find out more about ICI please visit our website at:
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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."
SOURCE: Innovative Composites International Inc.
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