Innovative Composites to Spin-off Fire Retardant Assets

September 17 2012

Innovative Composites International Inc. announced that it has agreed to a spin-off of its Fire Retardant (“FR”) technology assets in a stand-alone company subject to the completion of the definitive agreements and the successful completion of an external equity offering. The stand-alone company will have Ilja Troitschanski, the Company’s former CFO, as President.

“The FR technology holds great potential but we believe that it requires dedicated financial and management resources to efficiently advance its commercialization,” said Terry Ball, President and CEO of ICI. “We believe this spin-off provides the best opportunity to successfully commercialize these assets in the shortest period of time while ensuring that ICI shareholders share in the potential success of the FR technology without taxing the Company’s resources.”

The FR assets consist of Intellectual Property related to three primary FR markets: forest fires, polymers and textiles. Under the terms of the spin-off ICI would roll the FR related assets into a new corporation (“Newco”) and Mr. Troitschanski will undertake to raise up to $1 million in equity financing. The new equity investors will receive a minority interest in Newco and ICI will maintain a majority interest and receive a royalty on sales generated by Newco going forward.

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