TORONTO,
April 4, 2012 /PRNewswire/ -
Innovative Composites International Inc. ("ICI" or the "Company"),
(TSXV: IC) (OTCQX: ICIZF), a producer of patented protected
composite products targeting the multi-billion dollar prefabricated
modular housing and transportation markets, announced today that
Mr. Sam Greiss has been appointed as
Chief Financial Officer ("CFO") of the Company. Mr. Greiss replaces
Ilja Troitschanski who is stepping down as CFO, but will continue
serving on the Company's Board of Directors.
"Ilja Troitschanski's contribution to the
initial launch and capitalization of ICI has been invaluable.
His experience and skill set helped ICI transition from a
development stage company into operations and we look forward to
potentially working with him on projects going forward," said
Terry Ball, President and CEO of
ICI. "We are pleased to have Mr. Greiss join ICI as
CFO. His depth of business and public company experience will
be an asset to the Company as we execute the operational stages of
our business plan. We believe Mr. Greiss will make a
meaningful contribution to the success of ICI in the years to
follow and look forward to working closely with him in that
endeavour."
Mr. Greiss appointment follows several months of
extensive candidate selection process with the assistance of an
executive recruiting agency. Mr. Troitschanski and Mr. Greiss will
work together over the coming weeks to ensure a smooth transition
period.
Mr. Greiss is a Chartered Accountant with over
25 years of business experience that has included finance and
accounting, mergers and acquisitions, capital markets, operations,
and business development. Mr. Greiss was most recently with
Guardian Capital Group Limited, a Canadian publicly listed
diversified financial services company with over $25 billion in assets under management and
administration that operates through subsidiaries in Canada, the Cayman
Islands and Barbados.
During Mr. Greiss' tenure, Guardian's market capitalization grew
from approximately $75 million to a
peak of over $500 million in
2007. Prior to Guardian, Mr. Greiss was with the Ontario
Teachers' Pension Plan Board as a Portfolio Manager in the Real
Estate group where he participated in number of transactions,
including the $3.2 billion
restructuring and acquisition of Cadillac Fairview Corporation.
The Board of Directors of ICI granted Mr. Greiss
700,000 options exercisable at $0.75
per share and having a term of 7 years. These options shall vest as
follows: 25% shall vest upon the Company's South Carolina facility shipping commercial
products having an aggregate value of $5
million; 25% shall vest upon the Company being cash flow
positive for a combined 12-month period, upon the date that the
financial statements of the Company evidence this and are publicly
available; 50% shall vest in 36 equal amounts with one-seventy
second (1/72) of the options vesting on the first day of each of
the 36 months following the date of grant.
About Innovative Composites International Inc.
Headquartered in Toronto,
Canada, Innovative Composite International Inc. (TSXV:
IC) (OTCQX: ICIZF) is a high-tech engineering and manufacturing
company that is successfully commercializing a patent protected
line of state-of-the-art composite products targeted at the
multi-billion dollar transportation and prefabricated modular
housing markets.
Led by a team of commercialization experts ICI
has adopted a tier two business model: It designs and
manufactures game-changing products and partners with established
companies in its target markets to utilize their sales channels for
faster product roll-out.
This strategy and the superior characteristics
of the products have resulted in rapidly growing sales and opened
up opportunities that could lead to large scale contracts on an
ongoing basis.
To find out more about ICI please visit our
website at: www.innovativecompositesinc.com.
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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."
SOURCE Innovative Composites International Inc.
