Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, December 16, 2009
Tue, December 15, 2009 Innovative Composites International Inc. Announces Extang Corporation Places Purchase Orders for Fiber Reinforced Thermoplastic
TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Innovative Composites International Inc. (TSX VENTURE:IC) ("ICI" the "Company"), is pleased to announce that Extang Corporation, one of North America's largest manufactures of pickup truck cargo hold covers, released purchase orders for ICI's Fiber Reinforced Thermoplastic ("FRT") Panels totalling USD $188,000 for delivery in January and February. According to Extang, sales should ramp up significantly in 2010 as the tonneau cover product that uses the FRT panels gain market presence.
FRT is a technology that creates a permanent molecular bond between Fiberglas, Kevlar or other fibers with thermoplastics. Using FRT, ICI engineers developed a line of application-ready structural composite panels that offer superior strength to weight ratio, are impervious to weathering, rot and corrosion and are completely recyclable. Extang uses the FRT panels in its newest line of pickup truck tonneau covers.
"Extang is a market leader in its industry and a company that prides itself in engineering innovation, an ideal partner for us", said ICI's Chief Executive Officer, Terry Ball. "We are looking forward to further expanding our business relationship with Extang and are already working on additional pickup truck tonneau cover designs that utilize the unique characteristics of our FRT panels."
ICI has all the capital equipment in place in its Sault Ste. Marie, Michigan facility to immediately start manufacturing FRT panels for Extang.
"Our relationship with Extang demonstrates that the ICI business model of partnering with established players in our target markets is working," said Mr. Ball. "ICI will follow the same strategy for applications of our FRT panels in the construction, transportation and defence industries that are currently under development."
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, ICI is a high-technology engineering and manufacturing company established in 2007 by a group of entrepreneurs with a successful track record in commercializing advanced materials.
The Company is currently focused in two areas: Fibre Reinforced Thermoplastics
("FRT"), a unique line of application-ready structural panels and Hero 451, an environmentally friendly fire inhibitor and suppressant. ICI's goal is to deliver products that exceed industry standards with greater durability, strength, flexibility and safety.
ICI is partnering directly with leaders in its target industries as it considers it to be the fastest way to bring products to market. ICI's customized solutions are intended to provide partners with competitive advantages over their competitors.
To find out more about Innovative Composites International Inc. (TSX VENTURE:IC), please visit our website at [ http://www.innovativecompositesinc.com ].
"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.
