Resin Systems Files Statement of Claim against Motor City Community Credit Union

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[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 31 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX/RSSYF -\nOTCBB), a technology innovator that develops advanced composite material\nproducts for infrastructure markets, announced that it has filed a statement\nof claim against the Motor City Community Credit Union ("MCCCU") of Windsor,\nON.\n\n\nIn its statement of claim filed in the Ontario Superior Court of Justice,\nRS is seeking damages in the amount of $10,000,000 against MCCCU for improper\ndisbursement of funds to Global Composite Manufacturing Inc. ("GCM"). RS\nprovided a loan guarantee to MCCCU in connection with RS's contract\nmanufacturing arrangement with GCM. Further, RS is seeking an injunction\npreventing MCCCU from proceeding with the sale of the RS equipment used to\nmanufacture RStandard(TM) modular utility poles. The proceedings regarding the\ninjunction are scheduled to occur on November 3, 2008.\n\n\nThe Court-appointed interim receiver for GCM remains in place and RS's\nagreement with the interim receiver is set to expire at the end of October 31,\n2008.\n\n\nAbout RS\n\n\nRS is a technology innovator that develops advanced composite material\nproducts for infrastructure markets. These advanced material products are not\nonly structurally superior to products made with traditional building blocks\nof wood, steel or concrete, they are also lighter, more durable and\nlonger-lasting. The company has entered the global market with its award\nwinning utility poles and conveyor roller tubes as its two initial products,\nand continues to identify a growing list of additional innovative products.\n\n\nFor the latest on RS's developments, go to the company's website at\nwww.grouprsi.com.\n\n\n"RStandard" is a trademark of RS.\n\n\n","length":1830,"tagName":"div"}]

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