Innovative Composites Announces Approval of Application to Extend Term of Warrants

TORONTO, May 23, 2012 /CNW/ - Innovative Composites International Inc. ("ICI" or the "Company"), (TSXV: IC) (OTCQX: ICIZF, a producer of proprietary composite products announced today that it has received approval from the TSX Venture Exchange to extend the term of 2,043,245 share purchases warrants (the "Warrants"), which were set to expire on June 17, 2012, by six months.  The Warrants were issued as part of a private placement completed by the Company on June 17, 2010.  Each Warrant is exercisable into one Common Share of the Company at $0.45 per share.  The new expiry date of the Warrants is December 17, 2012.  All other terms of the Warrants remain unchanged.

About Innovative Composites International Inc.
Headquartered in Toronto, Canada,  Innovative Composite International Inc. (TSXV: IC) (OTCQX: ICIZF) is a high-tech engineering and manufacturing company whose goal is to successfully commercialize a proprietary line of composite products targeted at markets that include prefabricated modular housing,  shelters, containers, and transportation.

Led by a management team with extensive commercialization experience, ICI has adopted a two-tier business model:  It designs and manufactures products and partners with established companies in its target markets to utilize their sales channels for faster product roll-out.

The superior characteristics of its products provide ICI with opportunities to establish and grow significant, sustainable, and diversified sources of revenue in its target markets.

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

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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. 

Sam Greiss
Chief Financial Officer
[phone]
[email protected]                                  

or

Philip Dale
TMX Equicom
[phone] ext 253
[email protected]