Resin Systems Pursues its Statement of Claim Against Motor City Community Credit Union

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 3 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX/RSSYF -\nOTCBB), a technology innovator that develops advanced composite material\nproducts for infrastructure markets, announced today that due to the\nexpiration of RS's agreement with the interim receiver for Global\nManufacturing Inc. ("IR") and a failure to reach an agreement with the Motor\nCity Community Credit Union ("MCCCU"), RS no longer has full access to its\nutility pole manufacturing plant in Tilbury, ON, and new utility pole\nproduction has ceased pending an Ontario Superior Court of Justice ("Court")\ndecision.\n\n\nRS has shipped and continues to ship orders that had been produced prior\nto the expiration of the agreement RS had in place with the IR. RS has and\nwill continue to have access to the manufacturing plant such that raw\nmaterials and other supplies on hand are properly maintained. In addition, RS\nhas ensured that proper shut-down procedures were followed at the plant to\nensure that resumption of manufacturing operations will not be unduly delayed.\n\n\nFurther to RS's news release dated October 31, 2008, RS is scheduled to\nappear in Court today at 10 a.m. EST in support of RS's statement of claim\nfiled against MCCCU on October 30, 2008.\n\n\nRS's equipment at the manufacturing plant is not currently subject to any\nsales process and RS intends to aggressively defend its ownership of the\nequipment and pursue an injunction preventing MCCCU from proceeding with a\nsales process of the manufacturing equipment.\n\n\nRS will provide an update following the Court's decision.\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":2376,"tagName":"div"}]

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