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Innovative Composites International (ICI) has received purchase orders for the supply of composite panels to a North American automotive aftermarket company.
The program is expected to ramp up to approximately $5 million in revenue annually within the next six to nine months, bringing the company a step closer to positive cash flow.
The program is expected to have a five to six year life span at full capacity. According to ICI, their panels replace a conventional material currently used by the customer and offer a better strength to weight ratio, are impervious to weathering, rot and corrosion and are completely recyclable. Purchase orders for the first four months have already been released to ICI. “”This program is a natural fit for our core product,”” said Terry Ball, President and CEO of ICI. “”Not only will it utilize our recently expanded production capacity at the Sault Ste. Marie plant, but once fully ramped up bring ICI a major step closer to being cash-flow positive,”” he said.
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