|By Marketwired .||
|January 24, 2014 10:23 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/24/14 -- Innovative Composites International Inc. (CSE: IC)(CNSX: IC)(OTCQX: ICIZF) ("ICI" or the "Corporation") announces that it has made an application to the Ontario Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation is unable to file its audited annual financial statements for the year ended September 30, 2013, the related management's discussion and analysis, and Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the January 28, 2014 filing deadline (the "Filing Deadline").
The Corporation's failure to file the Required Filings before the Filing Deadline is due to delays resulting from a recent change in management of the Corporation as well as a change in the Corporation's auditors. The Corporation is actively working with its new auditors to complete the Required Filings on a timely basis and anticipates that it will be a position to remedy the default by filing the Required Filings by February 11, 2014. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in section 4.3 and 4.4 of NP 12-203 so long as the Required Filings are outstanding.
The Corporation has not taken any steps towards any insolvency proceeding and the Corporation has no material information to release to the public.
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 Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.