Quote Originally Posted by Noblejanobii View Post
It most certainly is not! I have seen it used before. In reference to the fact that there are two of us it is perfectly suitable.
It most certainly is. :P There weren't two of you. There was one person: you. Referring to yourself as "I." It's incorrect no matter how you try to justify it. Simplify the sentence and it reads, "I meant that I is present."

Unless "I" is the name of another person you are referring to, rather than yourself, then "I is present" is incorrect. It doesn't matter that you've got "it," "is," and "that" thrown in there. xD It doesn't change the sentence in any way aside from having three extra words.