WILMOT MATTHEWS ANNOUNCES ACQUISITION OF SECURITIES OF RS TECHNOLOGIES INC.

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, Feb. 18 /CNW/ - Further to disclosure requirements of applicable securities laws, Wilmot L. Matthews announces that he has acquired 426,400 units ("Units") of RS Technologies Inc. ("RS") at a price of $0.84 per Unit, each Unit being comprised of one common shares ("Common Shares") and one common share purchase warrant ("Warrants") of RS, each Warrant exercisable to acquire one Common Share at a price of $1.03 per share until February 18, 2013. The 426,400 Common Shares acquired by Mr. Matthews represent approximately 3.8 percent of the outstanding Common Shares.

Immediately following Mr. Matthews' acquisition of the 426,400 Units, Mr. Matthews owned 954,602 Common Shares, 426,400 Warrants, warrants to purchase 20,000 Common Shares at a price of $34.00 per share until December 16, 2013, options to purchase 150 Common Shares at a price of $224.00 per share until April 2, 2012, options to purchase 75 Common Shares at a price of $256.00 per share until May 23, 2013 and options to purchase 75 Common Shares at a price of $46.00 per share until March 17, 2014. In addition, Mr. Matthews, through Marjad Inc. ("Marjad"), controlled 17,394 Common Shares and warrants to purchase 1,771,837 Common Shares at a price of $2.00 per share until October 29, 2015. The 971,996 Common Shares owned and controlled by Mr. Matthews represent approximately 7.8 percent of the outstanding Common Shares. Assuming Mr. Matthews and Marjad exercise all of the convertible securities of RS held by them as set forth above to acquire 2,218,537 Common Shares, Mr. Matthews will own and control an aggregate of 3,190,533 Common Shares, representing approximately 21.8 percent of the outstanding Common Shares, based on there being 14,667,241 Common Shares of RS issued and outstanding.

Mr. Matthews acquired the 426,400 Common Shares and 426,400 Warrants for investment purposes. Mr. Matthews may in the future take such actions in respect of his holdings as he may deem appropriate in light of the circumstances then existing, including the purchase of additional common shares or other securities of RS through open market purchases or privately negotiated transactions, or the sale of all or a portion of his holdings in the open market or in privately negotiated transactions to one or more purchasers.

A copy of Mr. Matthew's related early warning report filed with the applicable securities commissions.


SOURCE Wilmot Matthews

For further information:

Further information may be obtained by contacting Marjad at: Telephone: (416) 214-2226 and Facsimile: (416)  214-5509

Profil de l'entreprise

Wilmot Matthews

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