EDMONTON, Alberta, Aug. 4 /CNW/ -- Resin Systems Inc.
("RS") (RS - TSX Venture /OTC Bulletin Board: RSSYF), a composite materials
products technology company, has acquired approximately one half of a European
Union ("EU") company ("EUCo."), which company will pursue market opportunities
in the EU and adjacent former eastern bloc countries for the sale of RS's
Version(TM) resin and products derived therefrom with the exception of RS's
RStandard(TM) modular composite utility poles which RS will pursue directly.
RS intends to advance approximately U.S. $1.875 million to EUCo. this calendar
year for the purpose of establishing a production facility in the EU.
In addition, EUCo. has received a purchase order to supply approximately
U.S. $45 million of industrial conveyor system rollers made from its Version
resin to a domestic EU mining conglomerate. Pursuant to the purchase order,
EUCo. will commence delivery of the conveyor rollers in November 2005 and
complete the deliveries by November 2008. RS will initially manufacture the
conveyor rollers at its manufacturing facility in Edmonton on behalf of EUCo.
until such time as EUCo. has established a production facility in the EU.
This purchase order replaces the multi-year, multi-million dollar purchase
order to only supply Version resin, which RS announced in its press release
dated April 26, 2005 as it has been decided that EUCo. will directly
manufacture and supply the conveyor rollers to the EU mining conglomerate.
The engineered solution and manufacturing of these rollers utilizes RS's
pultrusion technology platform and Version, which technology is proven and has
been well developed by RS over the past years.
About RS
RS operates in the composite material products marketplace and provides
engineered solutions that are developed with its proprietary input materials,
equipment and processes. The foundation of these solutions is based on the
company's patented polyurethane Version resin system. RS is continuously
building on this foundation through additional patent pending and trade secret
knowledge. The company's engineered solutions are developed and implemented
in three distinct technology platforms, one of which is filament winding,
which has resulted in the development and production of the RStandard(TM)
modular composite utility pole. RS has commercialized the RStandard pole for
sale to power utility companies both domestically and internationally. For
the latest on the company's developments, click on 'Latest News from RS' on
www.grouprsi.com.
"Version" and "RStandard" are trademarks of Resin Systems Inc.
This news release contains forward-looking statements. The
forward-looking statements are not guarantees of future performance and undue
reliance should not be placed on them. Actual results may differ materially
as a result of any number of factors and uncertainties, many of which factors
are beyond RS's control. Many of these risks and uncertainties are described
in RS's revised annual information form dated June 29, 2005, RS's management's
discussion and analysis and other documents RS files with the Canadian
securities authorities.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
