Innovative Composites International Inc.

Innovative Composites International Inc.

March 11, 2010 09:00 ET

Universal Storage Containers Approves Composite Container Prototype, Purchase Order to be Released Based on Production Volume Pricing

TORONTO, ONTARIO--(Marketwire - March 11, 2010) - Innovative Composites International Inc. (TSX VENTURE:IC) ("ICI" the "Company"), is pleased to announce that Universal Storage Containers, LLC ("USC") has approved the USC Z-Box²™ composite container prototype built by ICI utilizing Structure Lite™ fiber reinforced thermoplastic panels. USC has asked ICI to provide production volume pricing for the finalized container design and intends to place the first purchase order once quotations are obtained. 

In January 2010 ICI and USC signed a Letter of Intent ("LOI"), whereby USC will use ICI's Structure Lite™ fiber reinforced thermoplastic panels and other composite parts in a newly designed portable container which will be exclusively marketed by USC under the trade name Z-Box²™. Over the last few weeks a few significant milestones have been achieved:

  1. USC has approved the prototype container built at ICI's Sault Ste. Marie facility; and
  2. USC began introducing the Z-Box²™ concept to customers at several trade shows and received very favorable feedback.

Based on customer feedback and continuing market research USC has decided to expand the Z-Box²™ product line to include several additional sizes. USC has asked ICI to provide quotations for all the containers to be built. After pricing is received in approximately 3 weeks USC anticipates placing the first purchase order.

"USC remains fully committed to the Z-Box²™ program and is awaiting volume pricing and then will submit the first purchase order." said Peter Nemiroff, President of USC. "ICI has proven to us that their team is exactly who we would like to be in business with for the long term and we look forward to rolling out the Z-Box²™ concept."

"We are pleased with the progress of this important program and look forward to receiving purchase orders in the near future." commented Terry Ball, ICI's Chief Executive Officer. "Storage containers are a natural application for our Structure Lite™ panels and USC has been a great development partner for us."

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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