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THE UNITED STATES/
CALGARY, June 30 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -
OTCBB), a composite products innovation company, today announced that it
intends to complete the private placement of up to 9,615,385 common shares of
RS at a price of $1.04 per share for total gross proceeds of up to
$10 million. It is anticipated that closing of the private placement will
occur on or about July 21, 2008. Completion of the private placement is
subject to certain conditions including the receipt of all necessary
regulatory approvals. All of the common shares issuable pursuant to the
private placement will be subject to a hold period of four months and one day
from the closing date.
RS's directors and officers may participate in the private placement for
an aggregate amount of up to $5 million.
RS intends to use the proceeds of the proposed offering for general
The securities offered have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act"),
and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in certain transactions exempt from
the registration requirements of the U.S. Securities Act.
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: