Toronto, Ontario (PRWEB) September 21, 2011
Innovative Composites International Inc. (IC:TSX-V) (“ICI” the “Company”), is pleased to provide an update on its South Carolina facility.
The Company has signed a six year lease agreement for the building that will house its South Carolina manufacturing facility (“SC Facility”). The SC Facility is scheduled to start producing the EcoScapeTM affordable housing system in the first quarter of 2012. The 126,000 sq. ft. building is located on a 34 acre site in Orangeburg, 60 miles from the Charleston ocean port. A recently completed environmental assessment showed no issues, and ICI will proceed with very minor leasehold improvements over the next few months to prepare the building for the launch of operations.
At full capacity the SC Facility will generate over 300 jobs, and the state and local authorities in South Carolina have put together an incentive package totaling approximately $17 million to bring ICI to this location. The state of South Carolina provided training and job development credits that will become available once hiring targets are met. The local authorities provided a fee-in-lieu-of-tax agreement and a special source revenue credit for the Company.
“South Carolina is a pro-business state, and we celebrate ICI’s decision to invest here and create 300 new jobs. This is another win for one of our rural areas,” says South Carolina Governor Nikki Haley.
ICI management has been interviewing candidates to fill key positions in the SC Facility and expects to start hiring personnel over the next few weeks. Staffing levels will gradually increase over the next six months as set-up activity progresses.
Capital equipment is scheduled to start arriving on site in the fourth quarter of 2011, with the ramp–up scheduled to start in early 2012. The SC Facility is designed to produce approximately 5,000,000 square feet of affordable housing per annum at full capacity. ICI is planning to hold a ribbon-cutting ceremony once the first houses come off the production line.
"Plant set-up is progressing well and we are very pleased with the availability of qualified personnel in the area,” says Terry Ball, ICI’s Chief Executive Officer. “ICI is on-target to start shipping affordable housing in the first quarter of 2012 to satisfy existing contract commitments and potential new affordable housing projects,” he adds.
Sales activity update
Sales activity has seen a major boost over the past two months with several additional large housing projects now under development. Management expects to be in position to provide specific information in respect to size and timing of particular projects in the near future
About Innovative Composites International Inc.
Headquartered in Toronto, Canada Innovative Composite International (“IC”: TSX-V) 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 affordable 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 in both markets 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: http://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.”