TORONTO, ONTARIO — (Marketwired) — 04/26/13 — Innovative Composites International Inc. (“ICI” or the “Company”), (TSX VENTURE: IC) (OTCQX: ICIZF), a producer of proprietary engineered composite products, announced today that, by mutual decision, the agreement it had entered into with Difference Capital Funding Inc. that was announced on March 13, 2013 has been suspended due to market conditions. The Company is continuing to seek new sources of funding to refinance the $2 million convertible debenture for which a demand notice payment was received as announced by the Company on February 11, 2013.
In parallel with its efforts to address the refinancing of the convertible debenture, the Company remains focussed on its objective to become cash flow positive within this calendar year by: (i) increasing revenue through business development activities; (ii) significantly reducing operating costs; and (iii) managing cash resources.
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 industrial applications, shelters and containers, fire retardants, and modular housing.
To find out more about ICI please visit our website at: .
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