Innovative Composites International Inc.

Innovative Composites International Inc.

February 02, 2010 19:21 ET

ICI and Axion International Sign an MOU to Form a Strategic Relationship

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - Innovative Composites International Inc. (TSX VENTURE:IC) ("ICI" the "Company"), is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Axion International Holdings, Inc. (OTCBB:AXIH) ("Axion") a US technology innovator utilizing recycled plastic for high-load industrial products. Under the terms of the MOU the companies will utilize their respective complementary technologies in several projects and exchange thermoplastic products know-how. 

ICI has utilized Axion's patented thermoplastic material in the design of the state-of-the-art composite containers developed jointly by ICI and Universal Storage Containers, LLC ("USC"), a privately held US company that is the exclusive marketer and distributer of the finished containers, under the Z2-Box™ name. ICI is supplying the Fiber Reinforced Thermoplastic ("FRT") outer panels for the side walls, floor and ceiling, and Axion's material will be specifically used for the structural components of these containers, including flooring substructure, corner posts and interphase connectors.

"We are pleased to assist both ICI and USC in the development of these cutting-edge, eco-friendly, light-weight containers, which are made from 100% recyclable material and are poised to revolutionize the marketplace," stated Axion CEO, Jim Kerstein. "The relationship with ICI provides a platform to utilize our high-load thermoplastic structural components combined with ICI's fiber reinforced paneling in a number of projects that can provide a significant additional source of revenue for us."

The Z2-Box™ product line will be targeted for storage, moving and other related industries. The containers will be made of 100% recyclable materials that can be stacked three (3) high, and each are engineered to support up to 10,000 lbs. of uneven weight. Axion's thermoplastic technology accounts for approximately 20% of the container's total weight. Based on market demand and successful ramp up phase ICI is expected to supply projected annual quantities approximating $8 million to USC. 

Terry Ball, ICI's Chief Executive Officer said, "Axion's thermoplastic material is an important component of the Z2-Box™ design, supplying the high-load support structure of the containers. We look forward to future cooperation with Axion on additional high volume projects such as our affordable housing design. The combination of our FRT panels and Axion's beams create a thermoplastic structural system that will open up new exiting markets for both companies."

About Axion International Holdings, LLC

Axion International is a leading structural solution provider of cost-effective alternative infrastructure and building products. The Company's "green" proprietary technologies allow for the development and manufacture of innovative structural products made from virtually 100% recycled consumer and industrial plastics. Axion's up-cycled products are an economic and sustainable alternative to traditional building materials such as wood, steel or concrete. Developed in collaboration with scientists at Rutgers University, Axion's patented technologies allow for products that are extremely strong, durable, flexible in design, and low maintenance.

For additional information, please visit Axion's corporate website:

About Universal Storage Containers, LLC

USC, ( a privately held US company headquartered in New Canaan, Connecticut, is a worldwide leader in Portable Container Solutions, with offices in New York, Beijing, Denver and Atlanta. USC offers a number of innovative foldable storage container solutions to various industries, which provide cost savings that allow their customers to gain a competitive edge in their industries.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, ICI is a high-tech engineering and manufacturing company established in 2007 by a group of entrepreneurs with a successful track record in commercializing advanced materials.

The Company is currently focused in two areas: Fibre Reinforced Thermoplastic panels, a unique line of application-ready structural composite panels and Hero 451, an environmentally friendly fire inhibitor and suppressant. ICI's goal is to deliver products that exceed industry standards with greater durability, strength, flexibility and safety.

ICI is partnering directly with leaders in its target industries as it considers it to be the fastest way to bring products to market. ICI's customized solutions are intended to provide partners with competitive advantages over their competitors.

To find out more about Innovative Composites International Inc. (TSX VENTURE:IC), please visit our website at

"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."

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.

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