JEC Group have brought together the international community of composites leaders and executives in our Composites Circle as an unique networking opportunity to meet with both peers and future partners.
Innovative Composites International Inc., a producer of proprietary engineered composite products, announced that it has received the first production order under the previously announced three year supply agreement for specially engineered enclosures with a global market leader in its sector. The enclosures will be produced utilizing ICI’s structural panels and proprietary RMor SkinTMproduct.
“This production order came as a result of our ability to rapidly respond to a customer’s specific requirements and is an affirmation of our capability to innovate, engineer and manufacture within a short time-frame,” said Terry Ball, President and CEO of Innovative Composites International Inc. (“ICI” or the “Company”). “The RMor SkinTM product has attractive attributes including a significant weight-to-strength ratio and resistance to the elements such as wind, rain, and sunlight. We are proud to have been chosen to supply these enclosures to this customer and we look forward to expanding this relationship in the future.”
These 175-460 square foot enclosures are prefabricated structures built with composite panels to the customer’s specifications as a part of a plan to transform their industry by incorporating new and advanced technologies into their products.
Due to the industry changing potential of the product the customer has required that their name and the specific industry not be revealed until such time as they undertake an official launch of these products.
This supply agreement and first production order are a reflection of ICI’s commitment and capability to create new revenue streams for its products in parallel to developing the market opportunities in the modular housing sector.
Mr. Ball continued, “ICI has an objective of generating multiple recurring revenue streams through a three-pronged approach: (i) aggressively pursue the North American housing market; (ii) develop sales channels into the shelter and container markets; and (iii) go after multiple sales opportunities in the industrial applications. We remain well-capitalized and with our current prospects and cost management efforts, we are working towards significantly mitigating or eliminating our burn rate over the next fiscal year.”