Mark Rivers is the founder of several businesses, including: Presidents of Enterprising Organizations, one of the largest CEO Executive Development Networks in Canada; Breakthrough Growth Corporation, a boutique strategy consulting firm specializing in facilitating breakthroughs in enterprise growth and value; CEO Capital Corporation, a boutique investment bank that provides “inflection point” capital and expertise to small mid-sized companies; He has been called upon to help companies work through various issues affecting growth, such as mergers, partner buyouts, strategic alliances and conflict resolutions. Mr. Rivers has been engaged by shareholders and pension funds across North America as an activist on behalf of shareholders to lead the restoration of value in several public companies. In this capacity he has served as chairman, executive chairman and CEO of three different public companies listed on the Toronto Stock Exchange, the TSX Venture Exchange, and the NEX, and has successfully led the turnaround in value and performance of extremely distressed companies in the defense, software, aerospace, naval and transportation industries.

The Board looks forward to working with Mark in seeking to address its current funding requirements while unlocking the true potential of the Company’s business and technology. Ken Keeley, Chairman, stated on behalf of the Board, “Mark has a strong track record for unlocking underlying value in companies and generally achieving results under difficult circumstances. So far he has shown himself to be articulate, decisive and able to get people onside and things done quickly. We look forward to his contribution.” Said Mr. Rivers, “There is a lot to do in a very short period of time but I believe in the potential of this business and I know the passion of its stakeholders. I’m excited by this challenge. I am committed to engaging with investors and all our stakeholders to work with them to rebuild their confidence and work with management, the Board and our customers and suppliers to restore the confidence and value of this uniquely valuable business.”

About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSX VENTURE:IC)(OTCQX:ICIZF) 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 prefabricated modular housing; shelters and containers, automotive, transportation and industrial applications.

To find out more about ICI please visit our website at 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:
Innovative Composites International Inc.
Mark Rivers
Interim Chief Executive Officer
647-526-5899
mrivers@ceocaptialcorp.com
www.innovativecompositesinc.com

The Advance Notice Procedures set forth a procedure requiring advance notice to the Company by any shareholder who intends to nominate any person for election as director of the Company other than pursuant to (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Ontario) (the “OBCA”), or (ii) a shareholder proposal made pursuant to the provisions of the OBCA. Among other things, the Advance Notice Procedures set a deadline by which such shareholders must notify the Company in writing of any intention to nominate directors prior to any meeting of shareholders at which directors are to be elected and set forth the information that the shareholder must include in their notice for it to be considered valid.

The Advance Notice Procedures provide a clear and transparent process for all shareholders to follow if they intend to nominate directors. In that regard, the Advance Notice Procedures provide a reasonable time frame for shareholders to notify the Company of their intention to nominate directors and require shareholders to disclose information concerning the proposed nominees that is mandated by applicable securities laws.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 20 and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Advance Notice Procedures is effective immediately and will be placed before shareholders for ratification at the upcoming annual meeting of shareholders of the Company (the “Meeting”) to be held on June 6, 2013.

The Advance Notice Procedures are in effect until confirmed, confirmed as amended or rejected by shareholders at the Meeting and, if confirmed at the Meeting, the Advance Notice Procedures will continue in effect in the form in which they were so confirmed.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.

In parallel with its efforts to address the refinancing of the convertible debenture, the Company remains focussed on its objective to become cash flow positive within this calendar year by: (i) increasing revenue through business development activities; (ii) significantly reducing operating costs; and (iii) managing cash resources.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 industrial applications, shelters and containers, fire retardants, and modular housing.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.

As a step forward following the announcement of the agreement with Difference Capital Funding
Inc. (“DCF”) regarding the offering of senior secured convertible debentures, the Company is
pleased to announce the appointment of Mr. Mark Rivers to the board of directors.

Mr. Rivers was previously engaged by the board and management in late February to provide
an objective evaluation of the Company and its prospects and to help secure funding for the
Company, and was instrumental in bringing about the DCF agreement.

“I am excited about ICI and especially its technology and the operating leadership team who
have clearly developed some superior products and applications in multiple industries”, said
Mark Rivers. “I believe that through my network and other interests I can help the Company with
the commercialization of its assets and look forward to working with the directors and
management to help ICI realize its potential.“

Mr. Rivers has been appointed as a director of the Company to fill the seat vacated by Mr.
Andrew McConnell. Mr. Rivers is the founder of several businesses, including: Presidents of
Enterprising Organizations (PEO), one of the largest CEO Executive Development Networks in
Canada; Breakthrough Growth Corporation, a boutique strategy consulting firm specializing in
facilitating breakthroughs in enterprise growth and value; CEO Capital Corporation, a boutique
investment bank that provides “inflection point“ capital and expertise to small mid-sized
companies; and Mill Valley Estate, a private game preserve outside of Toronto. He has been
called upon to help companies work through various issues affecting growth, such as mergers,
partner buyouts, strategic alliances and conflict resolutions. Mr. Rivers has been engaged by
shareholders and pension funds across North America to lead shareholder activist work and
lead the restoration of value in several public companies. He has also served as chairman,
executive chairman and CEO of three different public companies listed on the TSX, TSXV and
NEX, and has taken companies private and successfully led the turnaround in value and
performance of extremely distressed companies in the defense, software, aerospace, naval and
transportation industries.

“We are fortunate to have someone of Mr. Rivers stature join our board of directors and I speak
for the board in welcoming Mr. Rivers to the Company and saying that we look forward to
working with him in guiding ICI to a successful future”, said Terry Ball, CEO of ICI. “The addition
of Mark to the board along with Jim Loran in the sales leadership position will better enable the
Company to perform according to its potential.”

The Company granted 200,000 options to Mr. Rivers, who is receiving no cash compensation
for his services as director. These options are exercisable at $0.20 per share, to be consistent
with the exercise price of options previously granted to each non-executive director in lieu of a
retainer or other director compensation. These options have a term of 7 years and vest on a
straight-line basis over 12 months commencing on March 20, 2013.

The Company has also granted 200,000 options to the CEO of the Company and 100,000 to the
CFO of the Company. These options are exercisable at $0.10 per share and have a term of 7
years. These options vest as follows: 25% vesting on the closing of the $2.5 million convertible
debenture offer currently underway within 90 days; 25% on the closing of an additional equity or
equivalent raise within 150 days; 25% on becoming cash flow positive for not less than a 12
month period; and the last 25% annually over 4 years commencing on the first anniversary of
the option grant.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
Follow us on www.waggle.ca

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

The Debentures will be priced at $1,000 per Debenture and will be convertible into units of the Company at any time prior to the Maturity Date. Each unit will be exercisable into one common share and one common share purchase warrant. The Company will seek exemptive relief on the conversion price for $500,000 of the aggregate principal amount of the Offering (the “Exempt Amount”) such that the conversion price for the Debentures and exercise price for the warrants will be equal to $0.05 per unit and $0.05 per common share, respectively (but for the warrants, only for the first 12 months of their term, after which the exercise price shall be $0.10). Excluding the Exempt Amount, the conversion price of each Debenture shall be $0.10 per unit, and each warrant will be exercisable into one common share at an exercise price which is not less than $0.10 per common share. The warrants shall have a term of three years. The Debentures will bear an interest rate of 14% per annum and will be secured by a general security agreement and a perfected first-priority security interest in all of the property of the Company.

Upon closing of the Offering, DCF will have the right to appoint two directors to the board of ICI.

Insiders of the Company intend to purchase between approximately $250,000 and $500,000 of the Offering. The Offering is considered to be a related party transaction as defined under Multilateral Instrument 61-101 (“MI 61-101″). The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company’s market capitalization, and the shares of ICI are listed on the TSX Venture Exchange (the “Exchange”). Insiders will not be permitted to purchase any Debentures constituting the Exempt Amount.

The Company has applied for an exemption from shareholder approval for the pricing of the Exempt Amount, given the immediacy of its need to repay KS Centoco, the holder of a $2 million secured convertible debenture that demanded repayment on March 4, 2013 (the “KS Centoco Loan”). The demand made by KS Centoco does not permit adequate time to hold a meeting of shareholders.

In the event that the Offering will create a new “Control Person”, as defined by the policies of the Exchange, Debentures issued to any such party will contain restrictions on exercise such that the holder will not be able to hold 20% or greater of the Company’s issued and outstanding securities prior to the Company obtaining shareholder approval for the new Control Person.

Proceeds from the Offering will be used to repay KS Centoco Loan, and for working capital and general corporate purposes. The Offering is expected to close on or about March 26, 2013, and is subject to the satisfaction of customary conditions (including due diligence), and approval by the Exchange.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“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.”

Contact Information:
Innovative Composites International Inc.
Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Mr. Andrew McConnell has resigned as a director of the Company. Mr. McConnell felt that the evolving business interests and potential partnerships moving forward between he and the Company placed him in a position of conflict as a director and, accordingly, that it would be more appropriate for him to resign from the Board.

“We were fortunate to have someone of Mr. McConnell’s caliber as a director of the Company, even if it was for a short period of time and although the loss of his expertise on the Board will be felt, we understand the reasons for his decision,” said Terry Ball , CEO of ICI. “We are excited about the discussions with Mr. McConnell regarding possible partnerships relating to fire retardants and the development of northern housing for use by First Nations communities, and mining companies doing business with First Nations communities. On behalf of the board of directors of ICI, I wish to thank Mr. McConnell for his services.”

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“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.”

SOURCE: Innovative Composites International Inc.

%SEDAR: 00029013E

For Further Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

CO: Innovative Composites International Inc.
CNW 16:30e 04-MAR-13

“We are, of course, disappointed that the debenture holder chose to demand payment at this time.” said Terry Ball, CEO of ICI. “In response, we are in active discussions with several potential sources of funding in both Canada and the United States, each of which has the ability to provide sufficient funds to repay the debenture. We are also continuing to manage our cash resources by working to generate new revenue and by looking at ways we can further reduce costs. Our cash resources remain unchanged, other than in the normal course as a result of our burn rate, and this demand notice”

The demand notice has no impact on the ability of the Company to continue its operations and business development activities between now and the demand notice payment date.

“The Board has confidence in the Company’s management and business plan.” said Ken Keeley, Chairman of the Board of Directors of ICI. “We believe that upon its successful resolution, based on the Company’s current initiatives and pipeline of potential customers, the Company will have the resources necessary to execute the business plan, whose short term objective is to generate sufficient cash flow to extinguish the burn rate.”

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
Follow us on www.waggle.ca

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“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.”

Mr. Andrew McConnell has been appointed as a director of the Company. Mr. McConnell is President and CEO of Ayiigwa Corporation, which works concurrently with and for the First Nations communities and is engaged in the acquisition, active management and financing of debt and equity investments in the renewable energy, mineral resources, and real estate sectors. Mr. McConnell has a wealth of experience in the business community, which includes 15 years with the Royal Bank of Canada. Prior to his business career, Mr. McConnell was a professional football player in both the NFL and the CFL and he is a graduate of St. Francis Xavier University. Mr. Chris Kruba has resigned as a director of the Company. The board of directors of ICI thanks Mr. Kruba for his services to the Company and wishes him every success in his future endeavors.

“We are fortunate to have someone of Mr. McConnell’s caliber join our board of directors and I speak for the board in welcoming Mr. McConnell to the Company and saying that we look forward to working with Andrew in guiding ICI to a successful future,” said Terry Ball, CEO of ICI. “I also wish to take this opportunity to thank Chris for his years of service on ICI’s board. He was a valued member of the board and we wish him the best.”

The Company granted 200,000 options to Mr. McConnell, who is currently receiving no cash compensation for his services as director. These options are exercisable at $0.20 per share, which is a $0.145 premium over the closing price of ICI shares on the day prior to the grant of the options, and have a term of 7 years. These options vest on a straight-line basis over 12 months commencing on February 5, 2012.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
Follow us on www.waggle.ca

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“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.”

Selected 2012 Financial and Operational Highlights

• Revenue was approximately $3 million for fiscal 2012, compared with $0.5 million for fiscal 2011.
• Commenced production of specifically engineered enclosures for world leader in heating, air-conditioning and refrigeration (“HVAC”) equipment.
• Developed RapTER (Rapid Tactical Emergency Response) shelters and containers for emergency relief, and oil & gas and mining sectors.
• Completed the acquisition of Eleison Composites LLC, a manufacturer of fiber reinforced thermoplastic skin material utilized in ICI’s products
• Completed a bought deal public offering for gross proceeds of CDN$10.1 million.
• Began trading on the OTCQX under the symbol ICIZF.

Highlights Subsequent to Year End

• Developed and tested new “load floor” design with attractive cost and weight attributes for the automotive sector utilizing RMor Skin.
• Increased production volumes of specifically engineered HVAC enclosures
• Entered final phase of testing with the US Forestry Service of Evergreen Hero fire retardant for forestry applications
• Hired a new Vice President of Business Development to generate new business and increase business from existing customers

Financial Performance

ICI had revenue of $3,012,000 for fiscal 2012 compared to $487,000, for fiscal 2011. The revenue for the year was generated primarily as a result of the Eleison acquisition and the Company is working to generate additional revenue through its initiatives in the housing, shelters and containers, industrial applications, and fire retardant market segments.

Cost of Sales for fiscal 2012 (after deducting the reallocation of amortization and depreciation expenses that IFRS requires be included in Cost of Sales) was $2,383,000, compared to $399,000 for fiscal 2011. The Gross Margin for fiscal 2012 (calculated using the adjusted Cost of Sales) was $629,000 or 21%, compared to $87,000 or 18% for fiscal 2011. The Company expects that as revenue increases, it will achieve certain economies of scale and that the Gross Margin will increase accordingly.

Total expenses for the 12-months ended September 30, 2012 were $11.0 million, compared to $5.2 million for the same period last year. The increase in expenses were the result of the overall expansion of the Company, specifically relating to the launch of the manufacturing facility in South Carolina, an increase in sales initiatives, ramping up several commercialization programs and costs incurred in new product and process development.

ICI recorded a net loss for fiscal 2012 of $9.9 million or $0.12 per share, compared to a net loss of $9.4 million, or $0.17 per share, for fiscal 2011.

Cash flow used in operating activities for fiscal 2012 were $6.9 million compared to $4.1 million for fiscal 2011. The increase is primarily due to the previously referenced increase in operating expenses.

At September 30, 2012, ICI had cash and cash equivalents of $4.2 million, compared to $6.6 million at the same date in 2011.

ICI has filed its financial statements for the fiscal year-ended September 30, 2012 and related Management’s Discussion and Analysis (MD&A) with securities regulatory authorities. ICI’s financial statements, MD&A and related documents are available via SEDAR (www.sedar.com) as well as through the Company’s website, www.innovativecompositesinc.com.

Board Action

The Board has created a Special Committee of independent Directors to assess the Company’s business plan, prospects, and assets and, based on that assessment, to recommend the actions necessary to ensure the long term viability of the Company.

Granting of Options

The Company granted 1,000,000 options to the independent Directors of the Company, who are currently receiving no cash compensation for their services. These options are exercisable at $0.20 per share, which is a $0.10 premium over the closing price of ICI shares on the day prior to the grant of the options, and have a term of 7 years. These options vest on a straight-line basis over 12 months commencing on October 1st, 2012.
The Company granted 1,450,000 options to certain officers and employees of the Company, some of whom have taken a voluntary temporary 25% salary reduction in order to reduce the operating burn rate of the Company. These options are exercisable at $0.20 per share, which is a $0.10 premium over the closing price of ICI shares on the day prior to the grant of the options, and have a term of 7 years. These options are subject to the following vesting provisions: 25% shall vest upon the Company’s South Carolina facility shipping commercial products having an aggregate value of $5 million; 25% shall vest upon the Company being cash flow positive for a combined 12-month period, upon the date that the financial statements of the Company evidence this and are publicly available; and 50% shall vest in 36 equal amounts with one-seventy second (1/72) of the options vesting on the first day of each of the 36 months following the date of grant.

Conference Call

ICI will host a conference call to discuss its 2012 fiscal year-end financial results on Wednesday, January 31, 2013 at 10:00 a.m. ET.

To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management’s presentation.

About Innovative Composites International Inc.

Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, and industrial applications.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com.
Follow us on www.waggle.ca

Contact Information:

Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“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.”

To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management’s presentation.

A taped replay of the conference call will also be available to listeners until 12:00 a.m. Wednesday, February 6, 2013. To access the rebroadcast, please dial 416-849-0833 or 1-855-859-2056 and enter passcode 90401884, followed by the number sign.

About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. (TSXV: IC) (OTCQX: ICIZF) 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 prefabricated modular housing, shelters and containers, industrial applications, and fire retardants.

To find out more about ICI please visit our website at: www.innovativecompositesinc.com

Contact Information:
Sam Greiss
Chief Financial Officer
(416) 646 0754
sgreiss@innovativecompositesinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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 projection.