The present invention is directed to a low to high density foamed or solid composite material that comprises a blend of an epoxy based resin system or a low or high molecular weight polyurethane-based pre-polymer resin system and a relatively high level of a broad range of reinforcing materials dispersed therein. The reinforcing materials may be recycled or virgin, organic or inorganic, materials in the form of particles, shavings, flakes, pellets, crystals, hollow or solid spheres, granules or fibers, and may vary in specific gravity and size. The resin system permits a substantially uniform dispersal of the reinforcing materials and subsequently cures to create a complex composite material matrix. The composite material may be rigid, semi-rigid or flexible. The present invention is also directed to a process for preparing the rigid, semi-rigid or flexible foam composite which can be subsequently molded, extruded, calendered or used in spray-applications. The foam composite material is useful in a variety of applications, and can be easily varied or modified to include a wide variety of coarse and fine multi-size reinforcing materials. Applications for the composite material include lightweight moisture resistant insulative building materials, automotive, transportation and aerospace components, filter materials, molded components, and the like.