Click here to close now.




















Welcome!

News Feed Item

Innovative Composites Announces $1.5 Million Funding Agreement With Bassett Financial

TORONTO, ONTARIO -- (Marketwired) -- 08/25/14 -- Innovative Composites International Inc. (CSE: IC)("ICI", or the "Company") is pleased to announce that it has entered into a definitive Commitment Letter and Advisory Agreement (the "Agreement") with Bassett Financial Corporation ("Bassett") to assist with the restructuring of the Company to build a more stable financial platform for the Company, and to assist in growing the Company to meet its full sales potential. The Agreement also contemplates new funding for the Company, including a $500,000 6-month bridge loan (the "Bridge Loan") and $1 million in equity funding (the "Financing").

The terms of the Agreement include:


--  Completion of $500,000 Bridge Loan, secured by working capital and
    certain intellectual property owned by the Company, with a term of 6
    months extendable under certain conditions to 12 months at a rate of 3%
    per month payable monthly in arrears;
--  Completion of a $1 million private placement Financing at the current
    share price of $0.01 per share;
--  Installation of Bassett Director, Chris Carl, as Chief Financial Officer
    of the Company;
--  A corporate finance advisory engagement whereby Basset will assist the
    Company in restructuring its balance sheet, work with ICI to revise the
    business plan toward achieving high growth sales in Canada and the US,
    and to provide multi-faceted assistance in leveraging the public listing
    potential of the Company;
--  Payment of a $10,000 per month working fee which will be increased to
    $20,000 per month in the event the Company reaches monthly positive
    earnings before tax and depreciation at any point during the term of the
    Agreement;
--  Issuance of 48,000,000 common shares of the Company at a deemed price
    equal to the price of shares issued in the Financing, with such Common
    Shares vesting equally over the achievement of 4 critical milestones for
    the Company, as additional payment for services; and
--  The nomination of Basset's CEO, Matthew Bassett, to the Board of
    Directors of ICI.

Completion of the obligations of Basset as set out in the Agreement are subject to, among other things, the holders of the Company's existing convertible debentures agreeing to amend their existing conversion privileges so as to permit conversion only at the time of maturity. The Agreement is also subject to the satisfaction of certain customary conditions, including the receipt of all required regulatory approvals and satisfaction of all regulatory requirements, including the requirements of the Canadian Securities Exchange (the "CSE").

The proceeds of the new funding will be used to reduce trade payables and to fund new inventory to meet a growing backlog of sales orders. As the Company's balance sheet is restructured, overhead is reduced where practical and the Company achieves a growth in sales, the Company hopes to reach break-even on an EBITDA basis. Based on these assumptions, if completed, the Bridge Loan and the Financing would give the Company approximately 18 months of operating cash and working capital without a need for additional financing.

ICI has been actively involved in developing its patented technology into a line of lightweight, non-corrosive structural building materials which can be used in a wide array of industrial and commercial applications by large corporate customers. Following a long period of developing home and emergency shelter products for disaster relief situations, ICI has enjoyed much greater sales success recently, concentrating on more immediate commercial and industrial opportunities.

"We believe that Bassett Financial gives us the solid foundation we have been seeking to help ICI grow to become a profitable organization within the next few years", said ICI CEO, Mark Rivers. "Not only does Bassett bring much needed financial assistance, but their experience in growing and managing small public companies makes them excellent partners for our capable technical management team. Building on the quality and uniqueness of our technology and our processes our products continue to be validated by governmental agencies and global fortune five hundred companies in a wide range of industries, including, automotive, industrial, construction, travel, and transportation. With the support of Bassett we now have the financial foundation to pursue these opportunities systematically and professionally."

"ICI has an incredible array of practical, cost competitive and environmentally friendly products that we believe will see growth in demand in the coming years and we are excited to become an active partner to assist the Company in managing this growth effectively," said Basset CEO, Matthew Bassett. "By bringing a renewed focus on sales growth and conservative capital management to the Company, we believe that ICI will be well positioned to deliver increased value to all its stakeholders, old and new. "

About Innovative Composites

Innovative Composites International is working to lead the way in thermoplastics for the housing, transportation and composite panel industries with advanced, environmentally friendly materials.

The flagship product, Structure-Lite composite panels are widely usable in the transportation industry, cargo containers, truck body containers as well as highway sound barrier panels. Using recycled materials such as plastic water bottles, the panels are environmentally friendly made with low cost, readily available raw materials. This lets the panels be created quickly and efficiently and able to be customized for nearly any application. The composite panels won't rust, rot or warp and each one is insect, water and UV resistant. The strength to weight ratio also makes them much lighter compared to steel panels, which have the same strength but are twice as heavy. The versatility and durability of ICI's composite panels makes them ideal to replace many conventional materials.

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

This press release contains forward-looking information under Canadian securities legislation. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking information includes, but is not limited to, statements with respect to completion of the Bridge Loan and the Financing, the development Company's future sales-growth, and future funding requirements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions, estimates and assumptions of management of the Company as of the date such statements are made. Although ICI believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward- looking statements because ICI can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of ICI to be materially different from those expressed or implied by such forward-looking statements, including but not limited the failure to close the Bridge Loan or the Financing based on the inability of either party to meet a condition to closing as set forth in the Agreement, and those risks described in the Company's public documents filed on SEDAR from time to time. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. The CSE has not reviewed and neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...