TORONTO, ONTARIO--(Marketwired - May 26, 2014) - Innovative Composites International Inc. (CSE:IC)(OTCQX:ICIZF) ("ICI", or the "Company") is pleased to announce today that the company has been awarded several significant purchase orders ("POs") that serve as continued validation of the quality and unique value of our technology and capabilities. Two of the POs are from global automotive tier one suppliers with annual revenue anticipated to be in excess of $6.0 million. The third PO, which is to be delivered over the next four months, is the first order of an amendment to an existing contract that assures the Company of a minimum of 20 units per month minimum volume for the next 8 months and is expected to continue for the next three years. ICI and its customer will enter into discussions at the end of this year for the balance of the contract. Based on the contract already awarded to this customer, management of the Company expects volume to be higher than the 20 units per month confirmed by this PO with anticipated worth in excess of a million dollars over the next four months. This contract is for our award- winning industrial enclosure.
While our agreements prevent us from announcing the names of the end users and of our customers, these POs are significant for us as a company, are further validation of the uniqueness of our product, and the resolve, commitment and expertise of our production team who, in collaboration with our customers teams, have worked to develop unique differentiated solutions for the automotive transportation and industrial enclosure industries.
"The nature and volume of the new business opportunities allows us to systematically achieve efficiencies, and will allow us to plan production more systematically. We are encouraged and excited about this contract and what it represents to us as a business," said Mark Rivers, CEO and Vice Chair of ICI.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. is a high-tech engineering and manufacturing company whose goal is to utilize its proprietary "green" composite materials and building systems to provide innovative, engineered product solutions to markets that include automotive and transportation, shelters and containers, construction and housing, and industrial applications.
To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
The CSE has not reviewed and does not accept 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, and the demand for ICI's products from the PO customers. 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.