Innovative Composites Announces the Appointment of Sam Greiss as Chief Financial Officer
April 04 2012 - 7:00AM
PR Newswire (Canada)
TORONTO, April 4, 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 Mr. Sam Greiss has been appointed as Chief
Financial Officer ("CFO") of the Company. Mr. Greiss replaces Ilja
Troitschanski who is stepping down as CFO, but will continue
serving on the Company's Board of Directors. "Ilja Troitschanski's
contribution to the initial launch and capitalization of ICI has
been invaluable. His experience and skill set helped ICI
transition from a development stage company into operations and we
look forward to potentially working with him on projects going
forward," said Terry Ball, President and CEO of ICI. "We are
pleased to have Mr. Greiss join ICI as CFO. His depth of
business and public company experience will be an asset to the
Company as we execute the operational stages of our business
plan. We believe Mr. Greiss will make a meaningful
contribution to the success of ICI in the years to follow and look
forward to working closely with him in that endeavour." Mr. Greiss
appointment follows several months of extensive candidate selection
process with the assistance of an executive recruiting agency. Mr.
Troitschanski and Mr. Greiss will work together over the coming
weeks to ensure a smooth transition period. Mr. Greiss is a
Chartered Accountant with over 25 years of business experience that
has included finance and accounting, mergers and acquisitions,
capital markets, operations, and business development. Mr. Greiss
was most recently with Guardian Capital Group Limited, a Canadian
publicly listed diversified financial services company with over
$25 billion in assets under management and administration that
operates through subsidiaries in Canada, the Cayman Islands and
Barbados. During Mr. Greiss' tenure, Guardian's market
capitalization grew from approximately $75 million to a peak of
over $500 million in 2007. Prior to Guardian, Mr. Greiss was
with the Ontario Teachers' Pension Plan Board as a Portfolio
Manager in the Real Estate group where he participated in number of
transactions, including the $3.2 billion restructuring and
acquisition of Cadillac Fairview Corporation. The Board of
Directors of ICI granted Mr. Greiss 700,000 options exercisable at
$0.75 per share and having a term of 7 years. These options 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: Sam GreissChief Financial Officer(416) 646
0754sgreiss@innovativecompositesinc.comorPhilip DaleTMX
Equicom(416) 815 0700 ext 253pdale@equicomgroup.com
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