11 November 2001
11 November 2001
Resin Systems Inc has entered into a Supply Agreement with Creative Pultrusions Inc. of Alum Bank, Pennsylvania to supply its Version G thermosetting polyurethane resin to Creative Pultrusions.
The agreement has a 12-month term and is renewable by Creative Pultrusions for successive 12 month periods. Pursuant to the agreement, RSI will supply its Version G resin on a sliding price schedule based on incremental volume increases. Due to competitive reasons, pricing and exact volumes will not be disclosed. Creative Pultrusions is one of the largest U.S. companies making composite products using the pultrusion process and is regarded as ""one of the world's leaders"" in the fiber reinforced polymer composites industry. Creative Pultrusions will use the Version G resin supplied to it by RSI on projects recently secured by Creative Pultrusions within the military and telecommunication sectors. Other applications of the Version G resin by Creative Pultrusions are in active development.
The Supply Agreement was the result of a Strategic Alliance Agreement the companies entered into in January of this year, which led to an ongoing series of production tests and trials utilizing RSI's unique polyurethane based resin for the composite materials industry. According to Greg Pendura, RSI's President, ""this agreement will provide a framework to rapidly accelerate the acceptance and commercialization of RSI's Version G resin"". ""Over the past several months Creative Pultrusions has spent considerable time and effort characterizing the resin system and understanding processing issues of the Version G resin"".
According to Bob Sweet, President of Creative Pultrusion Inc, ""The new product potential that we will be able to bring to the market with RSI's polyurethane system is tremendous. These new applications should equate to a substantial volume of material on an annual basis. We look forward to a close working relationship with RSI.""
RSI has also established chemical supply arrangements with new chemical suppliers as a result of a decision by Huntsman to terminate the License Agreement and the Supply Agreement between Huntsman and RSI. In addition to establishing chemical supply arrangements with alternate parties, RSI will utilize its Edmonton operation as the main blending facility for its proprietary polyurethane resin systems. RSI is also establishing toll manufacturing arrangements within the United States to ensure uninterrupted supply of its Version resin systems to its U.S. based customers.
Resin Systems Inc. is a chemical technology company that is actively engaged in the commercialization and further development of its proprietary line of unique, polyurethane based, composite resin systems under the Version brand name.