TORONTO, ONTARIO -- (Marketwired) -- 05/28/13 -- Innovative Composites International Inc. (TSX VENTURE: IC)(OTCQX: ICIZF) ("ICI" or the "Company"), a producer of proprietary engineered composite products, announced today that its board of directors (the "Board") has appointed Mark Rivers, currently a director of the Company, to serve as Vice Chairman and interim Chief Executive Officer of the Company. The Board wishes to express its gratitude to Terry Ball, the previous CEO, who is being appointed President and Chief Operating Officer allowing him to focus on day-to-day operations, and who will remain as a director of the Company. Sam Greiss has resigned as Chief Financial Officer and as a director of the company.
Mark Rivers is the founder of several businesses, including: Presidents of Enterprising Organizations, one of the largest CEO Executive Development Networks in Canada; Breakthrough Growth Corporation, a boutique strategy consulting firm specializing in facilitating breakthroughs in enterprise growth and value; CEO Capital Corporation, a boutique investment bank that provides "inflection point" capital and expertise to small mid-sized companies; He has been called upon to help companies work through various issues affecting growth, such as mergers, partner buyouts, strategic alliances and conflict resolutions. Mr. Rivers has been engaged by shareholders and pension funds across North America as an activist on behalf of shareholders to lead the restoration of value in several public companies. In this capacity he has served as chairman, executive chairman and CEO of three different public companies listed on the Toronto Stock Exchange, the TSX Venture Exchange, and the NEX, and has successfully led the turnaround in value and performance of extremely distressed companies in the defense, software, aerospace, naval and transportation industries.
The Board looks forward to working with Mark in seeking to address its current funding requirements while unlocking the true potential of the Company's business and technology. Ken Keeley, Chairman, stated on behalf of the Board, "Mark has a strong track record for unlocking underlying value in companies and generally achieving results under difficult circumstances. So far he has shown himself to be articulate, decisive and able to get people onside and things done quickly. We look forward to his contribution." Said Mr. Rivers, "There is a lot to do in a very short period of time but I believe in the potential of this business and I know the passion of its stakeholders. I'm excited by this challenge. I am committed to engaging with investors and all our stakeholders to work with them to rebuild their confidence and work with management, the Board and our customers and suppliers to restore the confidence and value of this uniquely valuable business."
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, automotive, transportation and industrial applications.
To find out more about ICI please visit our website at www.innovativecompositesinc.com.
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.
Innovative Composites International Inc.
Interim Chief Executive Officer
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