Innovative Composites International Announces Changes to the Board
of Directors
TORONTO,
Feb. 6, 2013 /CNW/ - Innovative
Composites International Inc. ("ICI" or the "Company"), (TSXV: IC)
(OTCQX: ICIZF, a producer of proprietary engineered composite
products, announced today changes to the board of directors of the
Company.
Mr. Andrew
McConnell has been appointed as a director of the
Company. Mr. McConnell is President and CEO of Ayiigwa
Corporation, which works concurrently with and for the First
Nations communities and is engaged in the acquisition, active
management and financing of debt and equity investments in the
renewable energy, mineral resources, and real estate sectors.
Mr. McConnell has a wealth of experience in the business community,
which includes 15 years with the Royal Bank of Canada. Prior to his business career,
Mr. McConnell was a professional football player in both the NFL
and the CFL and he is a graduate of St.
Francis Xavier University. Mr. Chris Kruba has resigned as a director of the
Company. The board of directors of ICI thanks Mr. Kruba for his
services to the Company and wishes him every success in his future
endeavors.
"We are fortunate to have someone of Mr.
McConnell's caliber join our board of directors and I speak for the
board in welcoming Mr. McConnell to the Company and saying that we
look forward to working with Andrew in guiding ICI to a successful
future," said Terry Ball, CEO of
ICI. "I also wish to take this opportunity to thank Chris for
his years of service on ICI's board. He was a valued member
of the board and we wish him the best."
The Company granted 200,000 options to Mr.
McConnell, who is currently receiving no cash compensation for his
services as director. These options are exercisable at
$0.20 per share, which is a
$0.145 premium over the closing price
of ICI shares on the day prior to the grant of the options, and
have a term of 7 years. These options vest on a straight-line
basis over 12 months commencing on February
5, 2012.
About Innovative Composites International
Inc.
Headquartered in Toronto, Canada, Innovative Composites
International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and
industrial applications.
To find out more about ICI please visit our
website at:
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.
"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."
SOURCE Innovative Composites International Inc.
