|By Marketwired .||
|September 11, 2013 04:38 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 09/11/13 -- This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues - in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of a convertible debenture of Innovative Composites International Inc. (CNSX:IC) (OTCQX:ICIZF) (the "Company"). Mr. Dennis Woods of 65663 Hess Road, Edwardsburg, Michigan 49112, has acquired, through a private transaction, a convertible debenture in the aggregate principal amount of $1,049,000 (the "Debenture"). The Debenture incurs interest at the rate of 10% per annum and is convertible into common shares of the Company (the "Common Shares") at a conversion price of $0.03. In connection with his purchase of the Debenture, Mr. Woods also received 1,678,400 share purchase warrants (the "Warrants") which are convertible into Common Shares at a price of $0.05 for a period of two years. Mr. Woods purchased the Debenture for aggregate consideration of $1,049,000.
Assuming conversion of the Debenture and the Warrants in full, Mr. Woods, who previously owned 1,300,000 Common Shares of the Company, will own or control 37,945,066 Common Shares, representing approximately 31.31% of the issued and outstanding common shares of the Company. Mr. Woods is required to provide the Company with 90 days written notice such that upon conversion of the Debenture or the Warrants or any portion thereof, he would hold a number of Common Shares equal to or greater than 20% of the issued and outstanding Common Shares of the Company.
Mr. Woods purchased the Debenture for investment purposes and may purchase additional securities of the Company on the open market, by private agreement or otherwise subject to their availability at attractive prices, market conditions, applicable laws and other relevant factors.
Mr. Woods intends to file a report describing the above transaction with applicable regulators, a copy of which shall be promptly sent to anyone who requests it from the person noted below.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. is a high-tech engineering and manufacturing company whose goal is to utilize its proprietary "green" composite materials and building systems to provide innovative, engineered product solutions to markets that include automotive and transportation, shelters and containers, construction and housing, and industrial applications.
To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.