- Plant start-up according to schedule and on budget
-
TORONTO,
March 26, 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 the
successful start-up of the production line at its flagship
Orangeburg, South Carolina
facility, designed to produce up to 5,000,000 square feet of
composite modular homes annually.
"The commissioning of the plant equipment and
initial production of our composite homes has begun," said
Terry Ball, President and CEO of
ICI. "The on time and on budget start-up of the South Carolina facility represents the
achievement of another major milestone by our team. It is important
to understand that no technology scale up is taking place here. We
are simply increasing throughput volume by adding material handling
equipment to our line and therefore do not expect any major
technical challenges in the ramp up process," he added.
ICI's pipeline of affordable housing projects is
currently in various stages of development in over a dozen
countries worldwide and the company believes that the demonstration
of commercial production in South
Carolina should accelerate the conversion of these
opportunities into significant sales and result in the addition of
new projects to the pipeline.
Ramp up will start gradually during the first
few weeks to allow for process optimization, equipment de-bugging
and product quality adjustments, with an expectation to complete
production of the first EcoScapeTM homes in early April.
Commercial shipments of the modular homes are expected to take
place in early May followed by a steady ramp-up of plant facility
over the coming months.
Director Retirement
The Company also announced today the retirement of Hon.
John D. Reynolds from the Board of
Directors. In a letter to the Board Mr. Reynolds stated that he
enjoyed serving as Director of ICI but would like to spend more
time with his family during his retirement.
"On behalf of the board, I would like to
sincerely thank John for his service on the Board of ICI," said
Terry Ball. "John's made an
important contribution to our company and we wish him well as he
enjoys his retirement."
Notice of Q1 FY2012 Conference Call
ICI will hold a conference call to discuss its first quarter fiscal
2012 financial results on Monday, April 2,
2012 at 10:00 a.m. ET. The
Company will report its financial results on Friday, March 30, 2012 before market open. ICI is
releasing its first quarter results at this time to accommodate for
the adoption of IFRS reporting.
To access the conference call by telephone, dial
647-427-7450 or 1-888-231-8191. Please connect approximately
15 minutes prior to the beginning of the call to ensure
participation. A question and answer session for analysts and
institutional investors will follow management's presentation.
A taped replay of the conference call will also
be available to listeners until 12:00 a.m.
Thursday, January 26, 2012. To access the rebroadcast,
please dial 416-849-0833 or 1-855-859-2056 and enter passcode
65594194, followed by the number sign.
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.