Kingsmill Capital Ventures II Inc. announces its intention to make an advance to Innovative Composites Inc.

    TORONTO, Oct. 17 /CNW/ - As previously announced on August 15, 2008,
Kingsmill Capital Ventures II Inc. ("Kingsmill", TSXV: KII.P), a capital pool
company, has entered into a Letter of Intent to acquire all of the issued and
outstanding securities of Innovative Composites Inc. ("ICI"). This acquisition
is proposed to constitute the Qualifying Transaction for Kingsmill pursuant to
Policy 2.4 of the TSX Venture Exchange (the "Policy"). Kingsmill and ICI are
presently engaged in fulfilling all conditions precedent to the closing of
this Qualifying Transaction, including complying with all regulatory
requirements and application for conditional approval of the Qualifying
    Kingsmill is announcing today that it intends to advance to ICI the sum
of Two Hundred and Twenty-five Thousand Dollars ($225,000) as a secured loan,
in accordance with the provisions of the Policy and subject to acceptance by
the TSX Venture Exchange.

    Investors are cautioned that, except as disclosed in the management
information circular or filing statement to be prepared in connection with the
transaction, any information released or received with respect to the
transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
highly speculative.

    The TSX Venture Exchange Inc. has in no way passed upon the merits of the
    proposed transaction and has neither approved nor disapproved the
    contents of this press release.

For further information:

For further information: David Mitchell, President, at (905) 336-9996,
ext. 217, or by email at

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