Calgary, Alberta - Composite polyurethane parts developer Resin Systems Inc. (RSI) said 19 Jan that its contract manufacturer, Global Composite Manufacturing Inc. (GCM), has completed $6.1-million financing to enable it to fund a manufacturing and license agreement with RSI, announced 31 Aug 2007.
GCM has also received Ontario provincial government loans and grants.
RSI has provided guarantees to the lenders in this financing, with $2.1 million on a limited recourse basis with the RStandard utility pole manufacturing equipment as collateral, and $4.0 million on a full recourse basis.
At the same time, RSI said, it has amended its manufacturing and licensing agreement with GCM for the upgrade and commission of existing utility pole manufacturing equipment and the production of RStandard utility poles by GCM, under license from RSI.
RSI's business lies in developing novel products utilising its proprietary Version polyurethane resin system.
As well as the original utility poles, the company is working on composite roller tubes.