Innovative Composites International Inc.
TSX VENTURE : IC

Innovative Composites International Inc.

November 24, 2010 10:04 ET

Innovative Composites Announces Closing of Financing

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Innovative Composites International Inc. (TSX VENTURE:IC) ("ICI" or the "Company") is pleased to announce the closing of its short form prospectus offering, led by Canaccord Genuity Corp. and including Union Securities Ltd. (the "Agents"). The Company issued 8,700,218 common shares at a price of $0.55 per share for gross proceeds of $4,785,120 (the "Offering"), and issued 847,022 broker warrants to the Agents, each broker warrant entitling the holder to acquire one additional common share of the Company at an exercise price of $0.55 for 24 months after the closing. The underwriters have an over-allotment option to purchase up to an additional 1,305,032 common shares on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing.

The net proceeds of the Offering are intended to be used to expand ICI's manufacturing capability, to meet anticipated demand for its patent pending affordable housing product, and for general working capital purposes.

About Innovative Composites International Inc.

Innovative Composites International is an integrated high-tech engineering and manufacturing company that commercializes an IP protected line of state-of-the-art composite products for applications in the housing, construction and transportation industries.

The company, with offices in Toronto and a manufacturing facility in Sault Sainte Marie, Michigan, is led by an executive and engineering team that has more than 100 years of experience in the high-tech manufacturing sector. Since its inception in 2007 ICI has negotiated and signed significant partnership deals with leaders in its multi-billion target markets, providing its partners with competitive advantages over other providers in their industries.

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

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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