TORONTO, May 23, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF), a producer of proprietary composite products is pleased to announce that it has met the requirements to graduate to Tier 1 on the TSX Venture Exchange. Effective May 23, 2012, the Company's Tier classification will change from Tier 2 to Tier 1. Tier 1 is the TSX Venture Exchange's premier tier and is reserved for the most advanced Issuers with the most significant financial resources.
"We are proud to have graduated from Tier 2 to Tier 1 on the TSX Venture Exchange and view this as a logical step in ICI's progression from a start-up stage company to a fully operational company," said Terry Ball, President and CEO of ICI. "ICI has a multi-pronged strategy to achieve market penetration in several key sectors. The modular homes market remains a priority for us and in addition to pursuing international opportunities, we are also pursuing several opportunities in North America, which we believe will have a shorter sales cycle. In parallel, we are pursuing opportunities for shelters, containers and industrial applications for our products. Our immediate goal is to generate meaningful cash flow in the short- to mid-term. ICI is well-capitalized and we believe that we have more than enough cash flow to undertake business development and operational activities for the foreseeable future."
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 whose goal is to successfully commercialize a proprietary line of composite products targeted at markets that include prefabricated modular housing, shelters, containers, and transportation.
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 provide 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: 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