Resin Systems Files Statement of Claim

Tag : resin

CALGARY, Oct. 31 /PRNewswire-FirstCall/ - Resin Systems Inc. ("RS")(RS - TSX/RSSYF - OTCBB), a technology innovator that developsadvanced composite material products for infrastructure markets,announced that it has filed a statement of claim against the MotorCity Community Credit Union ("MCCCU") of Windsor, ON.
In its statement of claim filed in the Ontario Superior Court ofJustice, RS is seeking damages in the amount of $10,000,000 againstMCCCU for improper disbursement of funds to Global CompositeManufacturing Inc. ("GCM"). RS provided a loan guarantee to MCCCUin connection with RS's contract manufacturing arrangement withGCM. Further, RS is seeking an injunction preventing MCCCU fromproceeding with the sale of the RS equipment used to manufactureRStandard(TM) modular utility poles. The proceedings regarding theinjunction are scheduled to occur on November 3, 2008.
The Court-appointed interim receiver for GCM remains in place andRS's agreement with the interim receiver is set to expire at theend of October 31, 2008.
About RS
RS is a technology innovator that develops advanced compositematerial products for infrastructure markets. These advancedmaterial products are not only structurally superior to productsmade with traditional building blocks of wood, steel or concrete,they are also lighter, more durable and longer-lasting. The companyhas entered the global market with its award winning utility polesand conveyor roller tubes as its two initial products, andcontinues to identify a growing list of additional innovativeproducts.
For the latest on RS's developments, go to the company's website at www.grouprsi.com .
"RStandard" is a trademark of RS.
SOURCE Resin Systems Inc.


Company Codes: Toronto:RS, NASDAQ-OTCBB:RSSYF