Innovative Composites International Announces

New Post Public Reply Private Reply Replies (1) Message Board
junewong

Innovative Composites International Announces Receipt of Notice from Debenture Holder


Innovative Composites International Inc. ("ICI" or the "Company"), (TSX VENTURE:IC)(OTCQX:ICIZF), a producer of proprietary engineered composite products (www.innovativecompositesinc.com/structure-lite-composite-materials), announced today that it has received a demand payment notice from KS Centoco Ltd., the holder of the $2 million convertible debenture, requiring its repayment by no later than March 4, 2013.

"We are, of course, disappointed that the debenture holder chose to demand payment at this time," said Terry Ball, CEO of ICI. "In response, we are in active discussions with several potential sources of funding in both Canada and the United States, each of which has the ability to provide sufficient funds to repay the debenture. We are also continuing to manage our cash resources by working to generate new revenue and by looking at ways we can further reduce costs. Our cash resources remain unchanged, other than in the normal course as a result of our burn rate, and this demand notice."

The demand notice has no impact on the ability of the Company to continue its operations and business development activities between now and the demand notice payment date.

"The Board has confidence in the Company's management and business plan," said Ken Keeley, Chairman of the Board of Directors of ICI. "We believe that upon its successful resolution, based on the Company's current initiatives and pipeline of potential customers, the Company will have the resources necessary to execute the business plan, whose short term objective is to generate sufficient cash flow to extinguish the burn rate."

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSX VENTURE: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 (www.innovativecompositesinc.com/prefabricated-modular-housing/) and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.

Follow us on www.waggle.ca.

"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.

Contacts:

Innovative Composites International Inc.

Sam Greiss

Chief Financial Officer

(416) 646 0754

sgreiss@innovativecompositesinc.com

www.innovativecompositesinc.com

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Charter Next Generation Unveils Gen 2 MDO-PE Films

Updated Category News Views 9

Peering Into CNG's Latest Innovation Charter Next Generation (CNG) just threw down a hefty gauntlet with its launch of next-gen machine-direction-oriented polyethylene (MDO-PE) solutions. They're pushing the envelope on what recycle-ready packaging can do, folks. Let's not mince words—other players in the field better have their game faces on. This ain't just another...

Continue Reading
Epic Political Thriller Explores Humanity's Future

Updated Category News Views 10

Adams' Provocative Debut Asks Timeless Questions Sometimes life throws a philosophical curveball, and that's exactly what John C. Adams has done with his debut novel, The Third Phase. This isn't your average political yarn—it's an intricate tapestry intertwining political intrigue, deep spiritual inquiry, and hearty doses of classic philosophy. A Whirlwind Journey...

Continue Reading
Community Banks Missing $106B Lending Opportunity?

Updated Category News Views 18

A Missed Opportunity for Community Banks It's a classic tale: community banks sleepwalking while big players snatch up low-hanging fruit right in their own backyards. According to the latest report by Cornerstone Advisors, commissioned by Teslar Software, these banks are essentially leaving $106 billion on the table when it comes to consumer lending. That's not just chump...

Continue Reading
NYSE Texas Redefines the U.S. Capital Markets Landscape

Updated Category News Views 16

NYSE Texas: Carving a Niche The notion of 'Y'all Street' might seem like a gimmick, but NYSE Texas is pushing a serious agenda with its newly released white paper, 'NYSE Texas and the Reshaping of U.S. Capital Markets.' This is no small feat. Texas is already housing 235 NYSE-listed companies, boasting a colossal combined worth of $4.8 trillion. With 130 of these firms...

Continue Reading
Cala Launches Game-Changer Wearable for Tremor Relief

Updated Category News Views 10

Breaking New Ground in Neuromodulation Medical tech's on a roll, and Cala Health just hopped on the fast track with their latest launch—the Cala kIQ Plus System. This bad boy is aiming to offer relief for those grappling with hand tremors, thanks to its FDA clearance and a host of new features. It's the first of its kind, combining multiple therapy modes with an...

Continue Reading
Dentistry.One Achieves HITRUST i1, Boosts Cybertrust

Updated Category News Views 9

HITRUST i1 Certification: The Gold Standard in Security For a world increasingly reliant on digital infrastructure, cybersecurity certification is no longer just a badge of honor; it's a cornerstone of trust. Dentistry.One nailed this down by bagging that coveted HITRUST i1 certification. When folks talk about securing data, HITRUST might as well be speaking gospel. We're...

Continue Reading
Skandia's Soundproofing Kit Expands to Brazil's Skies

Updated Category News Views 11

Soundproofing Takes Off in Brazil Skandia has just pulled off a neat trick, earning the nod from Brazil's National Civil Aviation Agency (ANAC) for their King Air soundproofing kit. That means quieter skies ahead for operators of the King Air 200 and 300 series in Brazil. This is no small feat, folks; it's like finally getting that coveted backstage pass after years of...

Continue Reading
JiMMYBAR! Expands Creatine Market with Target Launch

Updated Category News Views 17

JiMMYBAR! Breaks New Ground in Supplements You ever notice how some companies just know how to shake things up? Take JiMMYBAR!, for instance. The moment I read they’re making moves to get their Creatine + Protein bars into Target stores nationwide, starting October 4, I thought, “That’s one way to drag creatine out from the dusty tub and onto the shelves of...

Continue Reading
Karoo Health Leaps Forward with New CCO Breton

Updated Category News Views 12

Change of Guard in Cardiac Health at Karoo Here's a move that might shake things up in the healthtech sector: Karoo Health just snagged Angela "Angie" Breton as their new Chief Commercial Officer. It's like putting a seasoned captain at the helm right before setting sail on uncharted waters. Breton's not just any captain—she's got a hefty 25 years of experience...

Continue Reading
ROKFORM’s Signal Card: A Wallet Tracker for All

Updated Category News Views 10

The Gadget You Didn't Know You Needed Ever feel that momentary panic when your wallet seems to have vanished into thin air? ROKFORM's fresh offering, the Signal Card, tackles that heart-stopping moment head-on. They've taken the mundane act of misplacing your wallet and transformed it with their sleek, credit-card-sized tracker. This baby pairs seamlessly with Apple Find...

Continue Reading

Top 5 Most Recently Viewed Articles

Fannie Mae Launches Cash Tender Offer for CAS Notes Purchases

Updated Category News Views 170

Fannie Mae's New Cash Tender Offer Initiative Fannie Mae has introduced a cash tender offer for its Connecticut Avenue Securities (CAS) Notes, aiming to optimize its financial strategies and manage its investments effectively. This fixed-price cash tender offer reflects the company's commitment to maintaining a robust portfolio while providing holders of these securities...

Continue Reading
UNCTAD Advocates for Permanent Sovereign Debt Restructuring

Updated Category News Views 194

So, here we are, living in a world where sovereign debt is a ticking time bomb. You’ve got Rebeca Grynspan from UNCTAD waving her arms about how the existing frameworks for managing this mess are utterly broken. She’s right, of course. Nations are struggling under the weight of their financial burdens, and it’s clear we need something more reliable than these...

Continue Reading
Atossa Therapeutics Advances Metastatic Breast Cancer Treatment

Updated Category News Views 189

Atossa Therapeutics Takes Major Step Forward in Cancer Research Atossa Therapeutics, Inc. (Nasdaq: ATOS), a pioneering biopharmaceutical firm dedicated to addressing critical medical needs, has received a significant boost in its quest to combat metastatic breast cancer. FDA Approval Signals Hope for Patients Recently, the U.S. Food and Drug Administration (FDA) provided...

Continue Reading
HeartCore Celebrates Major Milestone with 16th Go IPO Win

Updated Category News Views 322

HeartCore's Strategic Move in IPO Consulting In a significant development, HeartCore Enterprises, Inc. (Nasdaq: HTCR) is thrilled to announce the signing of a Consulting Agreement with Cipher Core Co., Ltd. This marks their 16th victory in the Go IPO service category. The strategic partnership symbolizes an evolving interest in U.S. equity markets among Japanese...

Continue Reading
Southwest Airlines Approaches Settlement to Avoid Board Conflict

Updated Category News Views 83

Southwest Airlines and Elliott Management Collaborate on Board Resolution Recent reports indicate that Southwest Airlines (NYSE: LUV) is on the verge of striking a settlement with Elliott Investment Management. This agreement aims to avoid a potential proxy battle over the governance of the airline's board. Such negotiations highlight the increasing interplay between...

Continue Reading