Innovative Composites Announces Commencement of Operations at the South Carolina Facility
March 24 2012 - 3:04PM
PR Newswire (Canada)
- Plant start-up according to schedule and on budget - TORONTO,
March 26, 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 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
EcoScape(TM) 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.
(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 Troitschanski Chief Financial Officer (416) 646 0754
ilja@innovativecompositesinc.com orPhilip DaleTMX Equicom(416) 815
0700 ext 253pdale@equicomgroup.com
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