VANCOUVER, BC (September 21, 2011) Clearlease Financial Reports Innovative Composites International Inc. (TSX-V:IC) is pleased to provide an update on its South Carolina facility for Sept 21, 2011.
The Company has signed a six year lease agreement for the building that will house its South Carolina manufacturing facility (“SC Facility”). The SC Facility is scheduled to start producing the EcoScapeTM affordable housing system in the first quarter of 2012. The 126,000 sq. ft. building is located on a 34 acre site in Orangeburg, 60 miles from the Charleston ocean port. A recently completed environmental assessment showed no issues, and ICI will proceed with very minor leasehold improvements over the next few months to prepare the building for the launch of operations.
At full capacity the SC Facility will generate over 300 jobs, and the state and local authorities in South Carolina have put together an incentive package totaling approximately $17 million to bring ICI to this location. The state of South Carolina provided training and job development credits that will become available once hiring targets are met. The local authorities provided a fee-in-lieu-of-tax agreement and a special source revenue credit for the Company.
“South Carolina is a pro-business state, and we celebrate ICI’s decision to invest here and create 300 new jobs. This is another win for one of our rural areas,” says South Carolina Governor Nikki Haley.
ICI management has been interviewing candidates to fill key positions in the SC Facility and expects to start hiring personnel over the next few weeks. Staffing levels will gradually increase over the next six months as set-up activity progresses.
Capital equipment is scheduled to start arriving on site in the fourth quarter of 2011, with the ramp-up scheduled to start in early 2012. The SC Facility is designed to produce approximately 5,000,000 square feet of affordable housing per annum at full capacity. ICI is planning to hold a ribbon-cutting ceremony once the first houses come off the production line.
“Plant set-up is progressing well and we are very pleased with the availability of qualified personnel in the area,” says Terry Ball, ICI’s Chief Executive Officer. “ICI is on-target to start shipping affordable housing in the first quarter of 2012 to satisfy existing contract commitments and potential new affordable housing projects,” he adds.
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