Nov. 2, 2010 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 2 /CNW/ - Innovative Composites International Inc. (IC:TSX-V) ("ICI" or the "Company") announced today that it has engaged Canaccord Genuity Corp. and Union Securities Ltd. (the "Agents") to pursue a sale, on a best efforts basis, of up to 11,000,000 of the Company's common shares at $0.55 per share for gross proceeds of up to $6,050,000 (the "Offering"). A preliminary short form prospectus has been filed in connection with the Offering in all provinces of Canada except Quebec.
ICI has also granted the Agents an over-allotment option to sell up to an additional 1,650,000 common shares on the same terms and conditions, exercisable at any time following the closing of the Offering for a period of up to 30 days.
The common shares being sold pursuant to the Offering have not, and will not be, registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under the 1933 Act) absent registration under the 1933 Act or an applicable exemption from the registration requirements thereof. The Offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents and receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
The net proceeds of the Offering are intended to be used to expand ICI's manufacturing capability in order to meet anticipated demand for its patent pending affordable housing product, and for general working capital purposes. The completion of this Offering would provide the required capital to fund equipment, development and ramp-up for ICI's second manufacturing facility capable of producing 5,000 affordable housing units annually.
In an unrelated matter, the Company also announced that Mr. Anthony Toldo, President of KS Centoco Ltd., has resigned as a member of the Company's Board of Directors effective October 31, 2010. KS Centoco is the holder of a $2 million debenture convertible into units of the Company. Mr. Toldo advised the Company that he has enjoyed working with the Board over the past year and that KS Centoco will nominate a Director to replace him shortly.
Terry Ball, President and CEO of ICI stated "We would like to thank Mr. Toldo for his contribution as a member of our Board of Directors and wish him well in his business endeavours. ICI's Board will review candidates to be proposed by KS Centoco and make a decision as to Mr. Toldo's replacement as soon as possible."
About Innovative Composites International Inc.
Innovative Composites International is an integrated high-tech engineering and manufacturing company that commercializes an IP protected line of state-of-the-art composite products for applications in the housing, construction and transportation industries.
The company, with offices in Toronto and a manufacturing facility in Sault Sainte Marie, Michigan, is led by an executive and engineering team that has more than 100 years of experience in the high-tech manufacturing sector.
Since its inception in 2007 ICI has negotiated and signed significant partnership deals with leaders in its multi-billion target markets, providing its partners with competitive advantages over other providers in their industries.
To find out more about Innovative Composites International Inc. (IC: TSX-V), please visit our website at http://www.innovativecompositesinc.com
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.
Chief Financial Officer
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Brisco Capital Partners