Resin Systems Provides Business Update

About this update from Real Estate Split Corp Class A

[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 1 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -\nOTCBB), a technology innovator that develops advanced composite material\nproducts for infrastructure markets, announced today that it applied to the\nOntario Superior Court of Justice and was granted an order appointing BDO\nDunwoody LLP as interim receiver of its RStandard(TM) utility pole contract\nmanufacturer, Global Composite Manufacturing Inc. ("GCM").\n\n\nRS applied for the appointment of an interim receiver pursuant to section\n47.1 of the Bankruptcy and Insolvency Act as a result of GCM's default under\nthe amended and restated manufacturing and licensing agreement ("MLA"). The\nCompany made the application to ensure the continued production of its\nRStandard utility poles.\n\n\nRS anticipates that the assumption of operations by the interim receiver\nwill not cause a material disruption to the production and delivery of\nRStandard utility poles to its customers. RS staff is fully familiar with the\noperations of the plant and will assist the interim receiver as required in\norder to continue the production of the utility poles in accordance with the\nMLA.\n\n\n"We want to assure our customers and shareholders that our utility poles\nare going to continue to be manufactured in volumes to meet market demand,"\nsaid Paul Giannelia, president and chief executive officer of RS. "While we\nare disappointed that GCM failed to obtain their planned funding, our\nmanufacturing expertise is more advanced than ever and we are focused on\nmoving forward to grow our business."\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":2365,"tagName":"div"}]

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