CALGARY, Aug. 6 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -
OTCBB), a technology innovator that develops advanced composite material
products for infrastructure markets, announced today that the Ontario Superior
Court has finalized all legal requirements for appointing BDO Dunwoody LLP as
interim receiver for Global Composite Manufacturing Inc. ("GCM"). RS's access
to the Tilbury, Ontario manufacturing facility is complete.
RS applied to have the interim receiver appointed for GCM due to GCM's
failure to obtain the planned funding necessary to operate its business. The
appointment of the interim receiver was the most orderly way to protect and
preserve RS's assets, achieve a smooth transition of operations and ensure the
continuation of production activities. Manufacturing will start immediately
and RS's production targets for cell 1 and 2 remain unchanged. RS will not
require additional funding to operate cells 1 and 2.
"With production activities continuing, we have achieved our objective of
seamlessly transferring the manufacturing operations in Tilbury," said Paul
Giannelia, president and chief executive officer of RS. "We will continue to
remain focused on increasing output and moving forward to grow our business."
RS will hold a teleconference and webcast on Tuesday, August 12, 2008 at
11 a.m. (EDT) / 9 a.m. (MDT) to discuss the Company's manufacturing and
business plans. The call will be hosted by Paul Giannelia, president and chief
executive officer of RS, and will contain a question and answer period.
To participate please dial 1-866-334-4934 (toll-free in North America) or
(416) 849-4293 approximately 10 minutes prior to the call. A live audio
webcast of the conference call will also be available via RS's website,
www.grouprsi.com, on the home page and the investor relations page. The
webcast will be archived for approximately 90 days. In addition, to access a
replay of the teleconference, please dial 1-866-245-6755 (toll-free in North
America) or (416) 915-1035 and enter passcode 382444. The replay will be
available for 15 days.
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; Laurien Abel, Investor and Public Relations Coordinator,
Tel: (403) 219-8000, Fax: (403) 219-8001, Email: firstname.lastname@example.org