IC IC Capitalight Corp

Innovative Composites International Inc. (CSE:IC)(OTCQX:ICIZF) ("ICI", or the
"Company") is pleased to announce that it has closed a convertible debenture
offering in the aggregate principal amount of $258,000 (the "Offering"). 


The convertible debentures (the "Debentures") bear interest at a rate of 10% per
annum and are convertible into common shares of the Company at a conversion
price to be determined by the board of directors of the Company two business
days after the release of the Company's audited annual financial statements for
the fiscal year ended September 30, 3013 (the "Financial Statements"), but which
will be equal to a conversion price available (the "Conversion Price"), based on
the volume-weighted average price of the Company's common shares on the Canadian
Securities Exchange (the "CSE") during the immediately prior 30 days subject to
the policies and approval of the CSE. Debenture holders have been provided with
a subordinated first claim over all of the assets of the Company, ranked after
security held by senior debentureholders. The Company has the right to prepay
the Debentures upon payment of an additional three month's interest, although
Debenture holders will have the right to convert should the Company seek to
exercise its prepayment rights. Subscribers to the Offering received 1,600 share
purchase warrants for every $1,000 of principal subscribed for, each such
warrant entitling the holder to purchase one additional common share for a
period of two years from the date of issuance at a purchase price equal to the
Conversion Price, subject to a minimum of $0.05. A total of 412,800 warrants
were issued in connection with the closing of the Offering. The Offering was
non-brokered. Proceeds of the Offering will be used for general working capital
purposes.


Insiders of the Company purchased $170,000 of the Offering. The Offering is
considered to be a related party transaction as defined under Multilateral
Instrument 61-101 ("MI 61-101"). The Offering is exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101 as neither
the fair market value of securities being issued to insiders nor the
consideration being paid by insiders will exceed 25% of the Company's market
capitalization. The Company has not filed a material change report 21 days prior
to the closing of the Offering as details of participation of the insiders had
not been established at that time. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Innovative Composites International Inc.
Mark Rivers
Chief Executive Officer
(416) 646 0754
mrivers@innovativecompositesinc.com
www.innovativecompositesinc.com

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