TORONTO,
March 8, 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 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. (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.