Innovative Composites Strengthens Executive Team
January 26 2012 - 7:00AM
PR Newswire (Canada)
- South Carolina plant ramp-up proceeding on time and on budget -
TORONTO, Jan. 26, 2012 /CNW/ - Innovative Composites International
Inc. (OTCQX: ICIZF), ("ICI" or the "Company"), a producer of
patented protected composite materials targeting the multi-billion
dollar Prefabricated Modular housing and transportation markets,
reported today that it has strengthened its management team with
the additions of Rubens Roque as Chief Operating Officer and Allan
Landosky as Director of Engineering. "Both Rubens and Allan bring
decades of relevant operations and engineering experience and will
help to not only ensure that the start up of the new South Carolina
facility continues to progress on time, but also that the
subsequent plant operations maximizes product quality and
shareholder value," said Terry Ball, President and CEO of
ICI. "We are fortunate to be able to add two individuals of
this caliber to the ICI team and look forward to their
contributions as we continue to execute our business plan.
Additionally, we are pleased to report that preparations for the
start-up of the plant in South Carolina are going according to plan
and we look forward to commencing operations within 60 days." Mr.
Roque has over 25 years of experience in plant operations, M&A
and plant start ups with companies such as Woodbridge Corporation,
BorgWarner, TRW and Fehrer Automotive, and is now joining the ICI
team as COO/General Manager for Orangeburg Operations. Most
recently, Mr. Roque was CEO for Fehrer Automotive North America
where he led a major business turnaround in US operations and was
directly responsible for the start up of a new facility in Alabama
supplying parts to the Volkswagen Chattanooga operations as well as
Daimler's Tuscaloosa car assembly plant. Prior to Fehrer, Mr. Roque
worked for TRW as corporate master lean officer, working with eight
plants in the US, Canada and Mexico developing the strategic
direction for lean manufacturing practices and continuous process
improvement to meet company's financial and operational results. He
also participated in the start-up of plants in China, India,
Mexico, Brazil and Eastern Europe and developed new operations
strategies for the US, Europe and Latin America. Mr. Roque
will play an integral part in the execution of the recently
announced Brazilian housing agreement as he is originally from
Brazil and speaks fluent Portuguese. Allan Landosky has over 30
years experience in complex system design and engineering
applications, with General Electric, General Motors and
Caterpillar. Prior to joining ICI Mr. Landosky was a manager of new
product design at Caterpillar. His responsibilities included the
introduction of significantly more efficient and environmentally
friendlier equipment to the international marketplace. Prior to
Caterpillar, Mr. Landosky was Global Validation Engineering Manager
for 10 of his 23 years at GM where he worked at designing
validation activity for the new line of hybrid vehicles. His
experience with complex engineering applications and a track record
in introducing new products are a valuable addition to ICI's
engineering team. South Carolina Plant Update ICI is pleased
to report that the South Carolina manufacturing facility is
progressing on schedule and on budget. Approximately 20% of the
required equipment has arrived on site with the balance of the
machinery expected through the end of February. ICI is currently
completing minor leasehold improvements to prepare the building for
the launch of operations. The newly appointed COO of the Company,
Rubens Roque, has also begun the process of staffing the plant. A
large, qualified labour pool is available in the area and ICI does
not foresee any issues building a strong team to run the facility.
The 126,000 sq. ft. manufacturing facility is located in
Orangeburg, South Carolina, 60 miles from the Charleston ocean port
and is designed to produce approximately 5,000,000 sq. ft. of
affordable housing per annum. At full capacity, the facility will
generate over 300 jobs, and state and local authorities have
assembled an incentive package totaling approximately $17 million
to attract ICI. Initial production of the facility is scheduled for
March 2012 with an official ribbon-cutting ceremony planned for
April. About Innovative Composites International Inc. Headquartered
in Toronto, Canada, Innovative Composite International Inc.
(OTCQX: ICIZF) is a high-tech engineering and manufacturing company
that is successfully commercializing a patent protected line of
state-of-the-art Structure Lite composite products targeted at the
multi-billion dollar transportation and Prefabricated Modular
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. Follow us on www.waggle.ca 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: Ilja Troitschanski or Philip DaleChief Financial TMX
EquicomOfficer (416) 646 (416) 815 0700 ext 2530754
ilja@innovativecompositesinc.com pdale@equicomgroup.com
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