CALGARY, Jan. 7 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX) today announced that it has received the requisite approval of the holders of its 8.5 percent unsecured convertible debentures due October 7, 2010 (the "Debentures") and the Toronto Stock Exchange to provide RS with the option to satisfy its interest payments on the Debentures by issuing common shares ("Common Shares") instead of paying cash (the "Share Interest Payment Right"). The number of Common Shares issuable for any such election is calculated by dividing the applicable interest payment by 95 percent of the volume weighted average trading price of the Common Shares for the five trading days preceding the interest payment date.
The Share Interest Payment Right will be embodied in a supplemental trust indenture governing the Debentures which will be entered into between RS and Computershare Trust Company of Canada. All other terms of the Debentures will remain unchanged. RS will exercise the Share Interest Payment Right and issue approximately 2,582,891 Common Shares to satisfy its December 31, 2009 interest payment on the Debentures.
RS is an ISO 9001:2008 certified a technology innovator that develops advanced composite material products for infrastructure markets. The composite products manufactured using the company's proprietary resins and processes are typically lighter, more durable and longer-lasting than competing products made from the traditional building blocks of wood, steel or concrete. RS's flagship product is its award-winning RStandard(R) composite pole. The pole is used as transmission and distribution poles to carry electric grids and as communication structures for various uses including wireless networks and microwave communications systems.
For the latest on RS's developments, go to the company's website at www.grouprsi.com.
"RStandard" is a registered trademark of RS.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
SOURCE RESIN SYSTEMS INC.
For further information: For further information: Laurien Abel, Investor Relations and Communications, Tel: (403) 219-8000, Fax: (403) 219-8001, Email: email@example.com