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 (www.innovativecompositesinc.com/structure-lite-composite-materials),
announced today that it has received a demand payment notice from KS Centoco
Ltd., the holder of the $2 million convertible debenture, requiring its
repayment by no later than March 4, 2013. 


"We are, of course, disappointed that the debenture holder chose to demand
payment at this time," said Terry Ball, CEO of ICI. "In response, we are in
active discussions with several potential sources of funding in both Canada and
the United States, each of which has the ability to provide sufficient funds to
repay the debenture. We are also continuing to manage our cash resources by
working to generate new revenue and by looking at ways we can further reduce
costs. Our cash resources remain unchanged, other than in the normal course as a
result of our burn rate, and this demand notice." 


The demand notice has no impact on the ability of the Company to continue its
operations and business development activities between now and the demand notice
payment date. 


"The Board has confidence in the Company's management and business plan," said
Ken Keeley, Chairman of the Board of Directors of ICI. "We believe that upon its
successful resolution, based on the Company's current initiatives and pipeline
of potential customers, the Company will have the resources necessary to execute
the business plan, whose short term objective is to generate sufficient cash
flow to extinguish the burn rate." 


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
(www.innovativecompositesinc.com/prefabricated-modular-housing/) 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

International Corona Cap... (TSXV:IC)
Historical Stock Chart
From Apr 2024 to May 2024

International Corona Cap... (TSXV:IC)
Historical Stock Chart
From May 2023 to May 2024