TORONTO, Sept. 14, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF), a producer of proprietary engineered composite products, announced the granting of 900,000 options to certain officers and employees. The options were granted to the senior management of the Company who took a voluntary temporary 25% salary reduction in order to reduce the operating burn rate of the Company, and are a reflection of management's confidence in the prospects for the Company.
The options are exercisable at $0.19 per share, which was set as a $0.05 premium over the closing price of ICI shares on the day prior to the grant of the options, and have a term of seven years. The options are subject to the following vesting provisions: 25% shall vest upon the Company's South Carolina facility shipping commercial products having an aggregate value of $5 million; 25% shall vest upon the Company being cash flow positive for a combined 12-month period, upon the date that the financial statements of the Company evidence this and are publicly available; 50% shall vest in 36 equal amounts with one-seventy second (1/72) of the options vesting on the first day of each of the 36 months following the date of grant.
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:
Follow us on
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:
Chief Financial Officer
(416) 646 0754