Innovative Composites International Inc. has agreed to a spin-off of its Fire Retardant technology assets in a stand-alone company subject to the completion of the definitive agreements and the successful completion of an external equity offering. The stand-alone company will have Ilja Troitschanski, the Company's former CFO, as President. In order to avoid any potential conflict of interest, Mr. Troitschanski has resigned from the Board of Directors of ICI and Mr. Sam Greiss, the CFO of ICI, has been appointed as a Director of ICI effective immediately.