TORONTO, ONTARIO--(Marketwired - July 30, 2013) - Innovative Composites International Inc. ("ICI" or the "Company") (TSX VENTURE:IC)(OTCQX:ICIZF), is pleased to provide the following communication.
| Dear Shareholders & Investors of Innovative Composites International Inc., | ||
| I want to introduce myself and, together with the Board of Directors, invite you to attend our AGM. | ||
| I know that typically in micro-cap and small cap public companies, the emphasis is on getting through the meeting as quickly as possible, and often times with the least amount of discussion as possible. That is not the desire of this Board and Management team. | ||
| I realize that since the appointment of the new Management team there has been little communication on our part to update you on what has been going on. Our team believes that in addition to the regulatory requirements, the AGM is another opportunity to connect with and communicate with the vital stakeholders in our organization, and a critical asset essential to our survival: our shareholders and investors. | ||
| Our view on communicating with you is to strive to be as transparent as we are legally allowed to be, while providing as honest and realistic feedback and information as possible. The reason why we have not communicated more is because of time restraints; we have been in place for only eight weeks and there is a lot to be done within ICI. While there have been a number of encouraging developments, there is still a lot of work to do at ICI, however we continue to remain optimistic. It is our goal to have some key milestones accomplished with the intention to report on these accomplishments by or at the AGM. | ||
| Following the AGM, we plan to initiate a regular opportunity for you, as shareholders, to connect with us and enable us to report to you. It is our belief that shareholder value and enterprise value are interdependently linked - you, as the shareholders, judge the value of an investment on a combination of business performance and faith in management - the only way we can harness this type of achievement is through consistent and credible communication, especially during challenging times, so that over time you will come to trust what we say while seeing these results play out as well. | ||
| Our focus at the AGM will be to outline and summarize our 100 day plan, and present to you the actions and strategies for the next twelve months. In terms of reporting and forecasting results, we will only share facts - projects and business ventures that are already signed and in production. We strongly believe the revenue and profitability will speak for itself as the next few months unfold. | ||
| At this point in time, there are several encouraging developments. Our Board remains personally committed to assisting the Company in meeting its financing objectives, and continues to be actively engaged in working with Management and other key stakeholders. We have made significant progress in reducing operating costs, and will continue to aggressively pursue cost cutting initiatives. And our Sales Division is consistently beating our internal targets. We are expanding our operating runway, and believe that breakeven and positive cash flow is a reality in our near future. | ||
| We will be recording and posting the AGM presentation on our website, and we will also make the AGM available by conference call. | ||
| I welcome hearing from you and will continue to express transparency in our communications with the stakeholders of Innovative Composites International Inc. I look forward to seeing you at 3:30pm on the 8 th of August, for our AGM at the Hyatt Regency Hotel, C Room (Address: 370 King St. West, Toronto, ON, M5V 1J9). | ||
| Sincerely, | ||
| Mark Rivers, CEO |
Management Changes
The Company announces that Terry Ball has resigned as an officer and director of the Company. The Board of Directors thanks him for his contribution to the Company.
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 and containers, automotive, transportation 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.
