TORONTO, April 4, 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 that Mr. Sam Greiss has been appointed as Chief Financial Officer ("CFO") of the Company. Mr. Greiss replaces Ilja Troitschanski who is stepping down as CFO, but will continue serving on the Company's Board of Directors.
"Ilja Troitschanski's contribution to the initial launch and capitalization of ICI has been invaluable. His experience and skill set helped ICI transition from a development stage company into operations and we look forward to potentially working with him on projects going forward," said Terry Ball, President and CEO of ICI. "We are pleased to have Mr. Greiss join ICI as CFO. His depth of business and public company experience will be an asset to the Company as we execute the operational stages of our business plan. We believe Mr. Greiss will make a meaningful contribution to the success of ICI in the years to follow and look forward to working closely with him in that endeavour."
Mr. Greiss appointment follows several months of extensive candidate selection process with the assistance of an executive recruiting agency. Mr. Troitschanski and Mr. Greiss will work together over the coming weeks to ensure a smooth transition period.
Mr. Greiss is a Chartered Accountant with over 25 years of business experience that has included finance and accounting, mergers and acquisitions, capital markets, operations, and business development. Mr. Greiss was most recently with Guardian Capital Group Limited, a Canadian publicly listed diversified financial services company with over $25 billion in assets under management and administration that operates through subsidiaries in Canada, the Cayman Islands and Barbados. During Mr. Greiss' tenure, Guardian's market capitalization grew from approximately $75 million to a peak of over $500 million in 2007. Prior to Guardian, Mr. Greiss was with the Ontario Teachers' Pension Plan Board as a Portfolio Manager in the Real Estate group where he participated in number of transactions, including the $3.2 billion restructuring and acquisition of Cadillac Fairview Corporation.
The Board of Directors of ICI granted Mr. Greiss 700,000 options exercisable at $0.75 per share and having a term of 7 years. These options shall vest as follows: 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 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."
For further information:
Chief Financial Officer
(416) 646 0754
(416) 815 0700 ext 253