CALGARY, Jan. 18 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX/RSSYF -
OTCBB), a developer of innovative advanced material products, announced that
its contract manufacturer, Global Composite Manufacturing, Inc. ("GCM"), has
completed its $6.1 million financing in connection with the manufacturing and
license agreement between GCM and RS, previously announced on August 13, 2007.
GCM has received Ontario provincial government loans and grants as part of
their overall financing plan.
As previously announced, RS has provided guarantees to the lenders in
this financing, with $2.1 million on a limited recourse basis collateralized
by the RStandard(TM) utility pole manufacturing equipment, and $4.0 million on
a full recourse basis. The guarantees would be called upon if GCM fails to
perform under its obligations to its lenders.
In conjunction with the closing of the GCM financing, RS entered into an
amended and restated manufacturing and licensing agreement with GCM for the
upgrade and commission of existing RStandard utility pole manufacturing
equipment and the production of RStandard utility poles by GCM under license
RS is a developer of innovative advanced material products for
large-scale industrial markets. These products replace products which
traditionally have been made using conventional building blocks of wood,
concrete and steel. The foundation of RS is continuous innovation and product
development utilizing its proprietary Version(TM) polyurethane resin system.
RS has successfully developed the RStandard(TM) composite roller tube and
the award winning RStandard(TM) modular composite utility pole. For the latest
on RS's developments, click on "Latest News" on www.grouprsi.com.
"Version" and "RStandard" are trademarks of RS.
For further information:
For further information: Resin Systems Inc., Laurien Abel, Investor and
Public Relations Coordinator, Tel: (403) 219-8000, Fax: (403) 219-8001, Email: