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ICI Submits Patent Application for an Affordable Housing and Temporary Shelter Construction System Utilizing Structure Lite Panels
Tuesday, March 23, 2010
Toronto, Ontario -- Innovative Composites International Inc. (TSX Venture: IC) ("ICI" the "Company"), is pleased to announce it has filed a patent application covering construction of housing systems fabricated from thermoplastic composite sandwich panels. This patent application allows ICI to leverage unique characteristics of its Structure Lite™ panels in affordable housing systems, refugee shelters, mining camps, military structures and other low cost structures.
ICI will initially focus on the multi-billion dollar affordable housing market. The worldwide demand for affordable housing is about 5 million units annually (Source: UN-HABITAT) and ICI intends to service this market by utilize thermoplastic technology that allows for lower cycle times and higher throughput rates while maintaining low cost.
A prototype house is currently being constructed at ICI's manufacturing facility in Sault Ste Marie, Michigan and is designed to be hurricane and earthquake proof, as well as rot, mould and insect resistant. Because ICI uses single Structure Lite™ panels in the walls and roof sections that are joined into extruded sections the structure will to be extremely well sealed and therefore highly energy efficiency which should lead to lower maintenance costs.
"Housing systems is a logical continuation of our container design and is a great way to leverage structural and insulation properties of the Structure Lite™ panels." commented Terry Ball, President of ICI. "In addition to the domestic market, the US and Canadian governments support affordable housing initiatives in many less fortunate nations and utilizing a system that can be manufactured right here in North America and shipped worldwide in kit form should give us a competitive edge."
In addition, the patent application covers the construction of housing and shelters with the exterior skin engineered to provide ballistic protection and blast mitigation properties. Possible applications include front line command and communication centers, barracks, equipment and supplies storage as well as medical facilities for the military. The patent application was prepared by Blake, Cassels and Graydon LLP (www.blakes.com) a Toronto, Ontario based law firm.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, ICI is a high-tech engineering and manufacturing company established in 2007 by a group of entrepreneurs with a successful track record in commercializing advanced materials.
The Company is currently focused in two areas: Fibre Reinforced Thermoplastic panels, a unique line of application-ready structural composite panels and Hero 451, an environmentally friendly fire inhibitor and suppressant. ICI's goal is to deliver products that exceed industry standards with greater durability, strength, flexibility and safety.
ICI is partnering directly with leaders in its target industries as it considers it to be the fastest way to bring products to market. ICI's customized solutions are intended to provide partners with competitive advantages over their competitors.
To find out more about Innovative Composites International Inc. (TSX Venture: IC), please visit our website at http://www.innovativecompositesinc.com.
Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for ICI's products and the availability of funding. These forward-looking statements are made as of the date hereof and ICI does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from ICI's expectations and projections.
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