- Initial 30 homes scheduled to be manufactured at South Carolina facility -
TORONTO, April 17, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF, a producer of patented protected composite products targeting the multi-billion dollar prefabricated modular housing and transportation markets, announced today an agreement with MSP Property Management & Development Company ("MSP"), a company based out of Antigua & Barbuda, to supply EcoScapeTM modular homes for a housing project in Antigua. Manufacturing of Phase I, consisting of 30 homes, will begin in May 2012 at the newly commissioned facility in Orangeburg, South Carolina.
"This agreement is the culmination of building deep working relationships over the past year, which has the potential to expand to over 150 homes," said Terry Ball, President and CEO of ICI. "The homes built to supply Phase I will be manufactured from our recently commissioned flagship facility in South Carolina. We are proud to have been chosen to supply our quality modular homes to help address the need for affordable housing in the Antiguan market."
The EcoScapeTM homes to be manufactured are based on a model home shipped to Antigua late last year with variations requested by MSP. The homes are designed to be hurricane and earthquake resistant, as well as rot, mould and insect resistant. The speed of assembly, energy efficiency, quality and an attractive price point contributes to the selection of EcoScapeTM homes for this project. ICI will ship pre-finished complete home kits to Antigua, which will be assembled on site by local labour.
"The solid engineering, quickness in which a home can be erected and quality of the finished material differentiates the EcoScapeTM homes from other products in the market," said Joseph Pinder, CEO & Director of Operations of MSP. "The flexibility in floor plans and pre-installed finishes, gives us an opportunity in offering varying configurations of construction at a very reasonable cost."
More specific details on the project will be forthcoming as they become available.
Located in St. John's, Antigua MSP is a full service property management and development company servicing Antigua and the Eastern Caribbean.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composite International Inc. (TSXV: IC) (OTCQX: ICIZF) is a high-tech engineering and manufacturing company that is successfully commercializing a patent protected line of state-of-the-art composite products targeted at the multi-billion dollar transportation and prefabricated modular housing markets.
Led by a team of commercialization experts ICI has adopted a tier two business model: It designs and manufactures game-changing products and partners with established companies in its target markets to utilize their sales channels for faster product roll-out.
This strategy and the superior characteristics of the products have resulted in rapidly growing sales and opened up opportunities that could lead to large scale contracts on an ongoing basis.
To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
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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."
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