TORONTO, May 23, 2012 /PRNewswire/ - Innovative Composites
International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX:
ICIZF), a producer of proprietary composite products is pleased to
announce that it has met the requirements to graduate to Tier 1 on
the TSX Venture Exchange. Effective May 23, 2012, the Company's Tier classification
will change from Tier 2 to Tier 1. Tier 1 is the TSX Venture
Exchange's premier tier and is reserved for the most advanced
Issuers with the most significant financial resources.
"We are proud to have graduated from Tier 2 to
Tier 1 on the TSX Venture Exchange and view this as a logical step
in ICI's progression from a start-up stage company to a fully
operational company," said Terry
Ball, President and CEO of ICI. "ICI has a
multi-pronged strategy to achieve market penetration in several key
sectors. The modular homes market remains a priority for us
and in addition to pursuing international opportunities, we are
also pursuing several opportunities in North America, which we believe will have a
shorter sales cycle. In parallel, we are pursuing
opportunities for shelters, containers and industrial applications
for our products. Our immediate goal is to generate
meaningful cash flow in the short- to mid-term. ICI is
well-capitalized and we believe that we have more than enough cash
flow to undertake business development and operational activities
for the foreseeable future."
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 whose goal is to successfully commercialize a proprietary
line of composite products targeted at markets that include
prefabricated modular housing, shelters, containers, and
transportation.
Led by a management team with extensive
commercialization experience, ICI has adopted a two-tier business
model: It designs and manufactures products and partners with
established companies in its target markets to utilize their sales
channels for faster product roll-out.
The superior characteristics of its products
provide ICI with opportunities to establish and grow significant,
sustainable, and diversified sources of revenue in its target
markets.
To find out more about ICI please visit our website:
www.innovativecompositesinc.com.
Follow us on www.waggle.ca
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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.