CALGARY, July 11 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -
OTCBB), a composite products innovation company, today announced the closing
of its previously announced private placement. At closing, 9,615,385 common
shares (the "Common Shares") of RS were issued at a price of $1.04 per share
for gross proceeds of $10.0 million. A director of RS acquired 2,672,000
Common Shares pursuant to the private placement.
RS intends to use the proceeds of the offering for general corporate
All of the Common Shares issued by RS pursuant to the private placement
are subject to a hold period until November 12, 2008.
RS is a technology innovator that develops advanced composite material
products for infrastructure markets. These advanced material products are not
only structurally superior to products made with traditional building blocks
of wood, steel or concrete, they are also lighter, more durable and
longer-lasting. The company has entered the global market with its award
winning utility poles and conveyor roller tubes as its two initial products,
and continues to identify a growing list of additional innovative products. RS
designs, engineers and develops its products in-house, while outsourcing where
applicable, its manufacturing and distribution.
For the latest on RS's developments, go to the company's website at
"RStandard" is a trademark of RS.
This news release contains forward-looking statements. These
forward-looking statements are not guarantees of future performance and undue
reliance should not be placed on them. Actual results may differ materially as
a result of any number of factors and uncertainties, many of which factors are
beyond RS's control. Many of these risks and uncertainties are described in
RS's 2007 annual information form and other documents RS files with the
Canadian securities authorities and the United States Securities and Exchange
Commission. The forward-looking statements are made as of the date hereof and
RS assumes no obligation to update or revise such statements to reflect new
events or circumstances except as required by applicable securities laws.
For further information:
For further information: Resin Systems Inc., Dimitrios (Jim) Leonidas,
Chief Financial Officer, Tel: (403) 219-8000, Fax: (403) 219-8001, Email: