Innovative Composites International Inc.

Innovative Composites International Inc.

April 29, 2010 09:00 ET

Innovative Composites International Announces $2.0 Million Private Placement

TORONTO, ONTARIO--(Marketwire - April 29, 2010) - Innovative Composites International Inc. (TSX VENTURE:IC) ("ICI", or the "Company"), is pleased to announce a private placement of units (the "Units") for gross proceeds of approximately $2.0 million (the "Financing"). The Financing will be conducted on a best effort basis by Canaccord Financial Ltd. (the "Agent").

Each Unit will be priced at $0.30 and will consist of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at an exercise price $0.45 for a period of 24 months following the closing of the Financing. 

The net proceeds from the Financing will be used to fund capital equipment for the ramp up of previously announced sales of composite containers manufactured utilizing Structure Lite™ panels, for working capital and for general corporate purposes.

The Agent will receive a cash commission equal to 8.0% of the gross proceeds, and broker warrants in an amount equal to 10.0% of the number of Units sold by the Agent under the Offering. All securities sold pursuant to the Offering will be subject to a statutory four month hold period.

Closing of the Private Placement is scheduled for May 25, 2010, subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.

"ICI is ramping up sales and new product development and this capital will represent a welcome strengthening of our balance sheet. These funds will help us continue to hit important milestones in the execution of our business plan as we roll out more Structure Lite™ and Hero 451™ products", said Terry Ball, Chief Executive Officer of ICI.

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: Structure Lite™ panels, a unique line of application-ready structural composite panels and Hero 451™, a line of environmentally friendly fire inhibitors 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 material 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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