Calgary, Alberta-Composite part maker Resin Systems Inc. has issued 5000 units in a private placement, at $1000 each. The proceeds of $5.0 million will be used by Canadian RSI to fund the market introduction of its VRoll product and for general working capital purposes, said a 15 Jan announcement.
RSI develops advanced composite products for large-scale industrial markets. These products replace ones traditionally made using wood, concrete and steel. The group says its foundation is "continuous innovation and product development utilising its proprietary Version polyurethane resin system."
RSI's latest VRoll product is a roller tube for use in bulk material handling system. The group also makes RStandard modular composite poles for the energy transmission and distribution sector. RSI announced 18 Dec 2006 that is had signed a multi-year exclusive supply agreement for its VRoll business.
At the same time, the cash-strapped firm also announced the resignation of president and ceo Greg Pendura.
Under the agreement, RSI said, will sell its VRoll tubing to an un-named "leading original equipment manufacturer" in material handling systems and conveyor rollers for the mining industry. This OEM also supplies operators of bulk material-handling systems, said an 18 Dec RSI statememt. "