The agreement also contemplates new funding, including a $500,000 6-month bridge loan and $1 million in equity funding.
ICI is headquartered in Toronto, Canada. Its Structure-Lite thermoplastic composite sandwich panels are used in the transportation industry, cargo containers, truck body containers, pre-fabricated housing, as well as highway sound barrier panels.
"We believe that Bassett Financial gives us the solid foundation we have been seeking to help ICI grow to become a profitable organisation within the next 5 years," says ICI CEO, Mark Rivers.
"Building on the quality and uniqueness of our technology and our processes our products continue to be validated by governmental agencies and global Fortune 500 companies in a wide range of industries, including, automotive, industrial, construction, travel, and transportation. With the support of Bassett we now have the financial foundation to pursue these opportunities systematically and professionally."
The agreement is subject to all required regulatory approvals, including the requirements of the Canadian Securities Exchange (CSE).
