Innovative Composites provides South Carolina plant update
September 21 2011 - 8:00AM
PR Newswire (Canada)
ICI's South Carolina plant set up is progressing on schedule, and
sales activity has accelerated after the award of the recent $68
million housing contract. TORONTO, Sept. 20, 2011 /CNW/ -
Innovative Composites International Inc. ("ICI" the "Company"), is
pleased to provide an update on its South Carolina facility. The
Company has signed a six year lease agreement for the building that
will house its South Carolina manufacturing facility ("SC
Facility"). The SC Facility is scheduled to start producing the
EcoScape(TM )affordable housing system in the first quarter of
2012. The 126,000 sq. ft. building is located on a 34 acre site in
Orangeburg, 60 miles from the Charleston ocean port. A recently
completed environmental assessment showed no issues, and ICI will
proceed with very minor leasehold improvements over the next few
months to prepare the building for the launch of operations. At
full capacity the SC Facility will generate over 300 jobs, and the
state and local authorities in South Carolina have put together an
incentive package totaling approximately $17 million to bring ICI
to this location. The state of South Carolina provided training and
job development credits that will become available once hiring
targets are met. The local authorities provided a
fee-in-lieu-of-tax agreement and a special source revenue credit
for the Company. "South Carolina is a pro-business state, and we
celebrate ICI's decision to invest here and create 300 new jobs.
This is another win for one of our rural areas," says South
Carolina Governor Nikki Haley. ICI management has been interviewing
candidates to fill key positions in the SC Facility and expects to
start hiring personnel over the next few weeks. Staffing levels
will gradually increase over the next six months as set-up activity
progresses. Capital equipment is scheduled to start arriving on
site in the fourth quarter of 2011, with the ramp-up scheduled to
start in early 2012. The SC Facility is designed to produce
approximately 5,000,000 square feet of affordable housing per annum
at full capacity. ICI is planning to hold a ribbon-cutting ceremony
once the first houses come off the production line. "Plant set-up
is progressing well and we are very pleased with the availability
of qualified personnel in the area," says Terry Ball, ICI's Chief
Executive Officer. "ICI is on-target to start shipping affordable
housing in the first quarter of 2012 to satisfy existing contract
commitments and potential new affordable housing projects," he
adds. Sales activity update Sales activity has seen a major boost
over the past two months with several additional large housing
projects now under development. Management expects to be in
position to provide specific information in respect to size and
timing of particular projects in the near future About Innovative
Composites International Inc. Headquartered in Toronto,
Canada Innovative Composite International 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 affordable 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 in both markets 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 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." Innovative Composites
International Inc. CONTACT: Contact Information:Ilja
TroitschanskiChief Financial Officer(416) 646
0754ilja@innovativecompositesinc.com
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