New Canaan, Conn. – Universal Storage Containers headquartered in New Canaan and a worldwide leader in Portable Container Solutions, with offices in New York, Beijing, Denver and Atlanta, has signed a Letter of Intent with Toronto, Canada-based Innovative Composites International Inc. USC will use ICI’s Fiber Reinforced Thermoplastic (“FRT”) panels and other composite parts in a newly designed portable container which will be exclusively marketed by USC. Key elements of the Agreement are as follows:

- USC and ICI have jointly developed a state-of-the-art portable container  for storage, moving and other related industries. These containers will  incorporate the innovative FRT panels and other composite materials.  USC will market this product line under the Z2-BoxTM name;
- This Z2-BoxTM is designed as a green and environmentally friendly  product made of 100% recyclable materials;
- ICI to supply projected annual quantities approximating $8 million based  on market demand and successful ramp up phase; and
- ICI to grant USC exclusive rights for the application of its FRT panels for all markets that USC serves.

“We are very impressed with ICI’s superb engineering capabilities.” said Peter Nemiroff, President of USC, “The FRT technology is highly compatible with our suite of products and we look forward to working with Terry Ball and his team in pioneering the next generation of USC container solutions, which we feel will revolutionize the marketplace. USC values ICI’s FRT panels and composites as offering unique material and design characteristics which translate into innovative market advantages for our customers.”

Over the last six months, USC has conducted extensive market research into what should be the next generation of containers for various industries and concluded that lightweight, environmentally friendly materials is what is needed in the future.

“We are very pleased to have completed this LOI with such an accomplished and respected company as USC. Their forward looking approach to the market fits well with ICI’s corporate culture, and we look forward to the rollout of the USC Z2-BoxTM utilizing FRT panels and other composites,” commented Terry Ball, ICI’s Chief Executive Officer. “This strategic relationship represents another successful milestone in the execution of ICI’s business strategy of partnering with established players in our target markets.”

ICI has signed a similar letter with Axion International Holdings, Inc., a next-generation technology innovator utilizing recycled plastic for high-load industrial products. Axion will supply ICI with its patented thermoplastic material, for certain elements in the construction of Z2-BoxTM composite containers.

Filed under: CT Green News