Innovative Composites International Announces Debenture Private Placement and Application to List on the CNSX

Innovative Composites International Inc. (TSX VENTURE:IC) (OTCQX:ICIZF) (the
"Corporation") is pleased to announce that it intends to complete a private
placement (the "Placement") of a minimum $2 million and a maximum $3 million
aggregate principal amount of convertible debentures (the "Debentures") which
will mature two years from their date of issuance (the "Maturity Date"). 


The Debentures will bear interest at a rate of 10% per annum, and will be
convertible into common shares of the Corporation (the "Common Shares") at the
option of the Debentureholder at a conversion price to be determined but which
shall be based upon the volume weighted average price of the Common Shares
preceding the date of this announcement (the "Conversion Price"). The
Corporation will be requesting exemptive relief from regulators in setting the
Conversion Price. Debentureholders will be provided with a first priority
security interest over all of the assets of the Corporation, and the Corporation
will have the right to prepay the Debentures upon payment of an additional three
month's interest.


Subscribers shall receive 1,600 share purchase warrants (the "Warrants") for
every $1,000 of principal subscribed for, each Warrant entitling the holder to
purchase one additional Common Share at a purchase price of $0.05 per share for
a period of two years. Assuming the maximum Placement is subscribed for, a total
of 4.8 million Warrants may be issued. 


The Placement will be non-brokered and will be available for subscription by
accredited investors in Canada. Customary finder's fees may be paid by the
Corporation to third parties that source Subscribers. Proceeds of the Placement
will be used to repay debt, and for general working capital purposes.


As previously announced by the Corporation, KS Centoco Ltd. ("KSC") presented a
demand for repayment on a previously issued debenture in the principal amount of
$2 million. It is a condition to closing of the Placement that KSC consent to
the Placement. The Placement is expected to close on or about August 22, 2013. 


The Corporation is also pleased to announce that it has made application to
transfer the listing of its common shares from the TSX Venture Exchange, where
they currently trade, to the Canadian National Stock Exchange. This application,
and the Placement itself, remains subject to regulatory approval.


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 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

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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Innovative Composites International Inc.
Mark Rivers
Chief Executive Officer
[phone]
[e-mail]