CALGARY, Aug. 1 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -
OTCBB), a technology innovator that develops advanced composite material
products for infrastructure markets, announced today that it applied to the
Ontario Superior Court of Justice and was granted an order appointing BDO
Dunwoody LLP as interim receiver of its RStandard(TM) utility pole contract
manufacturer, Global Composite Manufacturing Inc. ("GCM").
RS applied for the appointment of an interim receiver pursuant to section
47.1 of the Bankruptcy and Insolvency Act as a result of GCM's default under
the amended and restated manufacturing and licensing agreement ("MLA"). The
Company made the application to ensure the continued production of its
RStandard utility poles.
RS anticipates that the assumption of operations by the interim receiver
will not cause a material disruption to the production and delivery of
RStandard utility poles to its customers. RS staff is fully familiar with the
operations of the plant and will assist the interim receiver as required in
order to continue the production of the utility poles in accordance with the
"We want to assure our customers and shareholders that our utility poles
are going to continue to be manufactured in volumes to meet market demand,"
said Paul Giannelia, president and chief executive officer of RS. "While we
are disappointed that GCM failed to obtain their planned funding, our
manufacturing expertise is more advanced than ever and we are focused on
moving forward to grow our business."
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.
For the latest on RS's developments, go to the company's website at
"RStandard" is a trademark of RS.
For further information:
For further information: Resin Systems Inc., Dimitrios (Jim) Leonidas,
Chief Financial Officer, Tel: (403) 219-8000, Fax: (403) 219-8001, Email:
email@example.com; Resin Systems Inc., Laurien Abel, Investor and Public
Relations Coordinator, Tel: (403) 219-8000, Fax: (403) 219-8001, Email: