Innovative Composites Announces Agreement with ReadLeaf Homes to Enter the Rural and Northern Canadian Housing Market
February 28 2012 - 7:00AM
PR Newswire (Canada)
- RedLeaf targets US$5M in sales in the first 18 months of the
contract - TORONTO, Feb. 28, 2012 /CNW/ - Innovative Composites
International Inc. ("ICI" or the "Company"), (OTCQX: ICIZF, a
producer of patented protected composite products targeting the
multi-billion dollar prefabricated modular housing and
transportation markets, announced today that it has signed an
agreement with ReadLeaf Homes Ltd. ("RLH") granting ReadLeaf the
right to distribute ICI prefabricated homes and shelters within
northern and rural Canada, primarily to mining operations, First
Nations and other rural communities. RLH will maintain
exclusivity subject to a minimum of US$5 million in annual revenue.
"We strongly believe that our EcoScape™ modular homes provide the
most cost effective and sustainable, quality housing for the
northern and rural regions across Canada," said ICI's President and
CEO Terry Ball. "Superior insulation, speed of assembly, rot and
mold resistance and enhanced durability are attributes that are
very important for this market. Our EcoScape(TM) system
offers all that at a very reasonable price point. Leveraging
RedLeaf's experience and established sales channels should allow us
to gain a strong and positive presence in these communities across
Canada. We are very excited about these opportunities, and
look forward to working with Red Leaf Homes to bring these to
fruition. " "We're focused on providing high-quality moderately
priced housing solutions for northern and rural people in Canada,"
said Andrew Libera, President of RedLeaf Homes Ltd. "Today the
market is served largely by out-of-date building solutions that
result in a tremendous amount of environmental and monetary waste
over the life of a home. These problems are magnified when you
account for the location of many of these rural home sites. ICI's
EcoScape™ modular housing is the perfect solution for the harsh
environment of rural Canada. From shipping to completion, we
are saving time, money and energy every step of the way.
We're excited to be working with the Innovative Composites
team. We feel this is the right thing to do for the people
and the planet." Principles of RedLeaf have been active in sales
and support within many First Nations and other rural communities
for the past 12 years selling multi-million dollar volumes of
buildings across Canada. RLH has already identified a site and
secured the required permits for a model home to be built in
Northern Ontario within 90 days. The location of that show home
will allow RLH principles to tour First Nations decision makers and
mining company operations executives through the fully functioning
building. About RedLeaf Homes Ltd. Headquartered in Toronto with
support offices in Gravenhurst, Ontario and Victoria, British
Columbia, RedLeaf Homes Ltd. principles have a combined 45 years of
rural home building experience and well over 10 years experience
with sales and support of rural buildings to hundreds of First
Nations communities and mining companies. Led by rural building and
logistics specialists, RedLeaf provides support across
Canada. To find out more about RedLeaf Homes please go to
www.RedLeafHomes.com. 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 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 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 TroitschanskiChief Financial Officer(416) 646
0754ilja@innovativecompositesinc.com orPhilip DaleTMX Equicom(416)
815 0700 ext 253pdale@equicomgroup.com
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