IC International Corona Capital Corp

Innovative Composites International Inc. ("ICI" or the "Company"), (TSX
VENTURE:IC)(OTCQX:ICIZF), a producer of proprietary engineered composite
products, is pleased to provide a business update with respect to certain
previous announcements and current initiatives. 


Current Initiatives



--  The production of our specifically engineered enclosures announced on
    September 5, 2012, and updated on November 7, 2012, is continuing and
    the Company has started to receive a recurring flow of purchase orders
    on a monthly basis. 
--  The Company has been awarded several modest contracts to supply "load
    floors" in the automotive sector and has started receiving purchase
    orders with respect to these contracts. In addition, the Company has
    been receiving a steady flow of purchase orders from an existing
    customer for Mattex, a proprietary fiberglass matt material that is used
    in roof liner applications in the automotive sector, and has recently
    received a purchase order for a new customer for Mattex. These contracts
    for load floors and roof liners are evidence that ICI's proprietary
    thermoplastic RMor Skin and Mattex products are gaining acceptance in
    the automotive sector. 
--  The Company has hired a new Vice President, Business Development, who
    will be responsible for the sales and marketing function for all of
    ICI's market segments, including the fire retardant assets. 
--  The Company has signed a distribution agreement for its RapTER shelters
    and containers with a distributor focussed on emergency relief agencies
    on the U.S. east coast and is continuing to explore opportunities to
    market the RapTERs to emergency relief agencies in North America and
    internationally. 



"ICI is continuing with the implementation of a multi-pronged strategy to
extinguish the operating burn rate and become cash-flow positive during this
fiscal year," said Terry Ball, President and CEO of ICI. "We are focussing on
business segments with a shorter sales cycle, such as industrial applications
and shelters and containers, and we view fire retardants as another
high-potential business segment. In addition, we remain in pursuit of longer
sales cycle housing opportunities, both internationally, and in North America,
and we are at various stages of business development in this area on a number of
projects. We are very pleased to have added Jim Loran as our new Vice President,
Business Development. Jim has a long record of success in sales and marketing,
particularly in the launch and commercialization of products, and he will be
instrumental in the execution of our short and long term strategy. We are
committed to managing our cash resources in a manner that will allow us to
continue our operations and undertake business development activities beyond the
end of the 2013 fiscal year."


Update of Certain Previous Announcements 

At the request of the TSX Venture Exchange, the Company is providing updates on
certain previous announcements as follows:




--  Due to substantial political uncertainty and local challenges, the
    status of the contract to supply housing to Haiti and Ghana announced on
    July 11, 2011 is currently uncertain and the Company cannot predict if,
    or when, this contract will move forward. 
--  The agreement to provide highway sound barrier panels announced on
    October 5, 2011, is currently not moving forward due to a change in
    priorities by both parties. The agreement may be revived at a later
    date. 
--  The cooperation agreement intended to supply homes in Brazil announced
    on November 10, 2011 has not resulted in the definitive agreements
    necessary to move the project forward and has been terminated. 
--  The purchase order for homes for Antigua and Barbuda announced on April
    17, 2012 has not been fulfilled due to difficulties encountered by the
    developer in arranging financing. The Company has initiated legal
    proceedings for damages in Antigua. 
--  The August 28, 2012 press release by the Company reporting its Third
    Quarter fiscal 2012 financial results included references to signed
    Memorandums of Understanding relating to North Dakota, and to the
    engagement of the Lynch Group to represent ICI in the automotive sector.
    There have been no material developments with respect to these two
    items. 
--  The Company has elected to terminate the spin-off of its fire retardant
    assets that was previously announced on September 12, 2012, and is now
    actively continuing with the development of those assets. Fire
    retardants constitute a fourth business segment for the Company, in
    addition to: housing; shelters and containers; and industrial
    applications. 



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 prefabricated modular housing, shelters and containers, and
industrial applications.


To find out more about ICI please visit our website at:
www.innovativecompositesinc.com.


Follow us on www.waggle.ca.

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Innovative Composites International Inc.
Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com
www.innovativecompositesinc.com

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