TORONTO, March 8, 2012 /CNW/ - 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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"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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