Innovative Composites Announces Purchase Order for EcoScape(TM) Homes for Antigua and Barbuda
April 15 2012 - 5:44PM
PR Newswire (Canada)
- Initial 30 homes scheduled to be manufactured at South Carolina
facility - TORONTO, April 17, 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 an agreement with MSP
Property Management & Development Company ("MSP"), a company
based out of Antigua & Barbuda, to supply EcoScape(TM)
modular homes for a housing project in Antigua. Manufacturing
of Phase I, consisting of 30 homes, will begin in May 2012 at the
newly commissioned facility in Orangeburg, South Carolina. "This
agreement is the culmination of building deep working relationships
over the past year, which has the potential to expand to over 150
homes," said Terry Ball, President and CEO of ICI. "The homes built
to supply Phase I will be manufactured from our recently
commissioned flagship facility in South Carolina. We are
proud to have been chosen to supply our quality modular homes to
help address the need for affordable housing in the Antiguan
market." The EcoScape(TM) homes to be manufactured are based on a
model home shipped to Antigua late last year with variations
requested by MSP. The homes are designed to be hurricane and
earthquake resistant, as well as rot, mould and insect resistant.
The speed of assembly, energy efficiency, quality and an attractive
price point contributes to the selection of EcoScape(TM) homes for
this project. ICI will ship pre-finished complete home kits to
Antigua, which will be assembled on site by local labour. "The
solid engineering, quickness in which a home can be erected and
quality of the finished material differentiates the EcoScape(TM)
homes from other products in the market," said Joseph Pinder, CEO
& Director of Operations of MSP. "The flexibility in floor
plans and pre-installed finishes, gives us an opportunity in
offering varying configurations of construction at a very
reasonable cost." More specific details on the project will be
forthcoming as they become available. About MSP Located in St.
John's, Antigua MSP is a full service property management and
development company servicing Antigua and the Eastern Caribbean.
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 Greiss Chief Financial Officer(416)
646 0754sgreiss@innovativecompositesinc.com orPhilip DaleTMX
Equicom(416) 815 0700 ext 253pdale@equicomgroup.com
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