Innovative Composites International Announces $1.5 Million Line of Credit and Incentive Stock Option Grants
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/08/13 -- Innovative Composites International Inc. (CNSX: IC)(OTCQX: ICIZF) ("ICI", or the "Company") is pleased to announce that it has closed on its previously announced line of credit financing with mBank of Michigan in the amount of $1.5 million. Draws on the line will be governed by a borrowing based formula tied to accounts receivable and raw materials inventory. Draws on the line extending above $750,000 being permitted only after ICI meets certain performance benchmarks. The line of credit is secured by a pledge of accounts receivable, inventory and cash. Proceeds from the line will be used to assist the Company in fulfilling its sales orders, and for general working capital purposes. The support of both the MEDC (Michigan Economic Development Corp) and the MSF (Michigan Strategic Fund) through their Collateral Support Program has been instrumental in supporting this financing.
The Company also wishes to announce that it has issued a total of 6,031,421 options to officers, employees and consultants of the Company, each option having an exercise price of $0.05 and a term of 7 years.
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: .
Contacts:
Innovative Composites International Inc.
Mark Rivers
Chief Executive Officer
(416) 646 0754
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Datum: 08.11.2013 - 08:22 Uhr
Sprache: Deutsch
News-ID 1281177
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