Please note that in c7927 sent at 7:00
ET today, Feb. 28, the name of
RedLeaf Homes Ltd. was misspelled. Correct copy follows:
Innovative Composites Announces Agreement with RedLeaf Homes
to Enter the Rural and Northern Canadian Housing Market
- RedLeaf targets US$5M in
sales in the first 18 months of the contract
-
TORONTO,
Feb. 28, 2012 /PRNewswire/ -
Innovative Composites International Inc. ("ICI" or the "Company"),
(TSXV: IC) (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 RedLeaf Homes Ltd. ("RLH") granting
RedLeaf 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
EcoScapeTM 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 RedLeaf 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"Today the market is served largely by out-of-date building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."
Principals 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 principals 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.
principals 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. (TSXV: IC) (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.
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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."
SOURCE Innovative Composites International Inc.