/C O R R E C T I O N From Source - Innovative Composites International Inc./
Please note that in c7927 sent at 7:00 ET today, Feb. 28, the name of RedLeaf Homes Ltd. was misspelled. Correct copy follows:
Innovative Composites Announces Agreement with RedLeaf Homes to Enter the Rural and Northern Canadian Housing Market
- RedLeaf targets US$5M in sales in the first 18 months of the contract -
TORONTO, Feb. 28, 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 that it has signed an agreement with RedLeaf Homes Ltd. ("RLH") granting RedLeaf the right to distribute ICI prefabricated homes and shelters within northern and rural Canada, primarily to mining operations, First Nations and other rural communities. RLH will maintain exclusivity subject to a minimum of US$5 million in annual revenue.
"We strongly believe that our EcoScape™ modular homes provide the most cost effective and sustainable, quality housing for the northern and rural regions across Canada," said ICI's President and CEO Terry Ball. "Superior insulation, speed of assembly, rot and mold resistance and enhanced durability are attributes that are very important for this market. Our EcoScapeTM system offers all that at a very reasonable price point. Leveraging RedLeaf's experience and established sales channels should allow us to gain a strong and positive presence in these communities across Canada. We are very excited about these opportunities, and look forward to working with RedLeaf Homes to bring these to fruition. "
"We're focused on providing high-quality moderately priced housing solutions for northern and rural people in Canada," said Andrew Libera, President of RedLeaf Homes Ltd. "Today the market is served largely by out-of-date building solutions that result in a tremendous amount of environmental and monetary waste over the life of a home. These problems are magnified when you account for the location of many of these rural home sites. ICI's EcoScape™ modular housing is the perfect solution for the harsh environment of rural Canada. From shipping to completion, we are saving time, money and energy every step of the way. We're excited to be working with the Innovative Composites team. We feel this is the right thing to do for the people and the planet."
Principals of RedLeaf have been active in sales and support within many First Nations and other rural communities for the past 12 years selling multi-million dollar volumes of buildings across Canada. RLH has already identified a site and secured the required permits for a model home to be built in Northern Ontario within 90 days. The location of that show home will allow RLH principals to tour First Nations decision makers and mining company operations executives through the fully functioning building.
About RedLeaf Homes Ltd.
Headquartered in Toronto with support offices in Gravenhurst, Ontario and Victoria, British Columbia, RedLeaf Homes Ltd. principals have a combined 45 years of rural home building experience and well over 10 years experience with sales and support of rural buildings to hundreds of First Nations communities and mining companies. Led by rural building and logistics specialists, RedLeaf provides support across Canada. To find out more about RedLeaf Homes please go to www.RedLeafHomes.com.
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."
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