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Innovative Composites International Inc. (“ICI” or the “Company”), a producer of patented protected composite products targeting the multi-billion dollar prefabricated modular housing and transportation markets, announced the successful start-up of the production line at its flagship Orangeburg, South Carolina facility, designed to produce up to 5,000,000 square feet of composite modular homes annually.
“The commissioning of the plant equipment and initial production of our composite homes has begun,” said Terry Ball, President and CEO of ICI. “The on time and on budget start-up of theSouth Carolinafacility represents the achievement of another major milestone by our team. It is important to understand that no technology scale up is taking place here. We are simply increasing throughput volume by adding material handling equipment to our line and therefore do not expect any major technical challenges in the ramp up process,” he added.ICI’s pipeline of affordable housing projects is currently in various stages of development in over a dozen countries worldwide and the company believes that the demonstration of commercial production in South Carolina should accelerate the conversion of these opportunities into significant sales and result in the addition of new projects to the pipeline.Ramp up will start gradually during the first few weeks to allow for process optimization, equipment de-bugging and product quality adjustments, with an expectation to complete production of the first EcoScapeTM homes in early April. Commercial shipments of the modular homes are expected to take place in early May followed by a steady ramp-up of plant capacity over the coming months.Director RetirementThe Company also announced also the retirement of Hon. John D. Reynolds from the Board of Directors. In a letter to the Board Mr. Reynolds stated that he enjoyed serving as Director of ICI but would like to spend more time with his family during his retirement.