Innovative Composites Announces Results of Annual General Meeting
March 08 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, March 8, 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 the successful completion of its Annual General
Meeting of shareholders on March 6, 2012. Over 15% of the issued
and outstanding common shares of the Company were represented at
the meeting either by proxy or in person. The shareholders
re-elected Terry Ball, Fraser Wray, Ilja Troitschanski, Kenneth A.
Keeley, Brian Colburn, Christopher Kruba, John D. Reynolds and
Robert J. Pulte as directors of the Company to hold office until
the next annual meeting of shareholders or until their successors
are elected or appointed. On March 7, 2012, the Board approved the
granting of 4,870,000 options to directors, officers and employees.
These options are exercisable at $0.75 per share and have a term of
7 years. Options issued to management and employees shall vest as
follows: 25% shall vest upon the Company's South Carolina facility
shipping commercial products having an aggregate value of $5
million; 25% shall vest upon the Company being cash flow positive
for a combined 12-month period, upon the date that the financial
statements of the Company evidence this and are publicly available;
50% shall vest in 36 equal amounts with one-seventy second (1/72)
of the options vesting on the first day of each of the 36 months
following the date of grant. 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.comorPhilip DaleTMX Equicom(416)
815 0700 ext 253pdale@equicomgroup.com
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