Innovative Composites Provides Update on Transportation Product Sales

february 7 2012

Innovative Composites International Inc. a producer of patented protected composite products apprised that the revenue growth in its non-housing side of the business is progressing faster than originally anticipated.

"The speed in which our non-housing programs are ramping up and generating significant revenues is indicative of the demand for our products in the marketplace," said Terry Ball, President and CEO of ICI. "Most of these products require little of our engineering resources which allow us to focus on the housing market and the South Carolina facility, while making a positive contribution to our bottom line."

In June 2011, ICI announced its first purchase orders for the supply of composite panels to a leading North American automotive aftermarket company. The program was expected to achieve approximately $5 million in revenue annually within nine months.

As of today, sales of composite panels to this customer have already reached $4.2 million on an annualized basis and continue to grow each month. Once at full capacity, the Company expects the program to have a five to six year life span. ICI panels replace a conventional material previously used by the customer and offer superior strength to weight ratio, are impervious to weathering, rot and corrosion and are completely recyclable.

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