ICI Announces Securing Several POs in Automotive Division and Industrial Construction Division
May 26 2014 - 4:57PM
Marketwired
ICI Announces Securing Several POs in Automotive Division and
Industrial Construction Division
TORONTO, ONTARIO--(Marketwired - May 26, 2014) - Innovative
Composites International Inc. (CSE:IC)(OTCQX:ICIZF) ("ICI", or the
"Company") is pleased to announce today that the company has been
awarded several significant purchase orders ("POs") that serve as
continued validation of the quality and unique value of our
technology and capabilities. Two of the POs are from global
automotive tier one suppliers with annual revenue anticipated to be
in excess of $6.0 million. The third PO, which is to be delivered
over the next four months, is the first order of an amendment to an
existing contract that assures the Company of a minimum of 20 units
per month minimum volume for the next 8 months and is expected to
continue for the next three years. ICI and its customer will enter
into discussions at the end of this year for the balance of the
contract. Based on the contract already awarded to this customer,
management of the Company expects volume to be higher than the 20
units per month confirmed by this PO with anticipated worth in
excess of a million dollars over the next four months. This
contract is for our award- winning industrial enclosure.
While our agreements prevent us from announcing the names of the
end users and of our customers, these POs are significant for us as
a company, are further validation of the uniqueness of our product,
and the resolve, commitment and expertise of our production team
who, in collaboration with our customers teams, have worked to
develop unique differentiated solutions for the automotive
transportation and industrial enclosure industries.
"The nature and volume of the new business opportunities allows
us to systematically achieve efficiencies, and will allow us to
plan production more systematically. We are encouraged and excited
about this contract and what it represents to us as a business,"
said Mark Rivers, CEO and Vice Chair of ICI.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites
International Inc. 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 automotive and
transportation, shelters and containers, construction and housing,
and industrial applications.
To find out more about ICI please visit our website at:
www.innovativecompositesinc.com.
The CSE has not reviewed and does not accept 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, and the demand for ICI's products from the PO
customers. 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.
Innovative Composites International Inc.Mark RiversChief
Executive Officer(416) 646
0754mrivers@innovativecompositesinc.comwww.innovativecompositesinc.com