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Resin Systems Expands Operations Into European Union and Announces Initial Purchase Order to Manufacture Approximately U.S. $45 Million of Industrial Conveyor System Rollers
Resin Systems Expands Operations Into European Union and Announces Initial Purchase Order to Manufacture Approximately U.S. $45 Million of Industrial Conveyor System Rollers.
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[{"type":"text","content":"\n\n\n\n\nEDMONTON, Alberta, Aug. 4 /CNW/ -- Resin Systems Inc.\n(\"RS\") (RS - TSX Venture /OTC Bulletin Board: RSSYF), a composite materials\nproducts technology company, has acquired approximately one half of a European\nUnion (\"EU\") company (\"EUCo.\"), which company will pursue market opportunities\nin the EU and adjacent former eastern bloc countries for the sale of RS's\nVersion(TM) resin and products derived therefrom with the exception of RS's\nRStandard(TM) modular composite utility poles which RS will pursue directly.\nRS intends to advance approximately U.S. $1.875 million to EUCo. this calendar\nyear for the purpose of establishing a production facility in the EU.\nIn addition, EUCo. has received a purchase order to supply approximately\nU.S. $45 million of industrial conveyor system rollers made from its Version\nresin to a domestic EU mining conglomerate. Pursuant to the purchase order,\nEUCo. will commence delivery of the conveyor rollers in November 2005 and\ncomplete the deliveries by November 2008. RS will initially manufacture the\nconveyor rollers at its manufacturing facility in Edmonton on behalf of EUCo.\nuntil such time as EUCo. has established a production facility in the EU.\nThis purchase order replaces the multi-year, multi-million dollar purchase\norder to only supply Version resin, which RS announced in its press release\ndated April 26, 2005 as it has been decided that EUCo. will directly\nmanufacture and supply the conveyor rollers to the EU mining conglomerate.\nThe engineered solution and manufacturing of these rollers utilizes RS's\npultrusion technology platform and Version, which technology is proven and has\nbeen well developed by RS over the past years.\n\nAbout RS\nRS operates in the composite material products marketplace and provides\nengineered solutions that are developed with its proprietary input materials,\nequipment and processes. The foundation of these solutions is based on the\ncompany's patented polyurethane Version resin system. RS is continuously\nbuilding on this foundation through additional patent pending and trade secret\nknowledge. The company's engineered solutions are developed and implemented\nin three distinct technology platforms, one of which is filament winding,\nwhich has resulted in the development and production of the RStandard(TM)\nmodular composite utilit...