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."