01 February 2002
01 February 2002
Resin Systems Inc. has received a purchase order from a U.S. based construction supply company, which has a minimum annual quantity commitment of $500,000 (CDN).
Discussions are underway for additional components to be produced under a minimum annual supply agreement basis. RSI anticipates that production of the several hundred thousand feet of product for use in the construction industry will commence in February. For competitive reasons, RSI will not be releasing further details regarding the customer.
This relationship is the result of a new marketing and sales strategy implemented by RSI in late 2001 to spur sales of Version resins for the composite materials industry. RSI will now manufacture products from its Version resins for select end-user customers in addition to commercializing and further developing its proprietary line of Version resins. RSI will focus on re-designing and re-engineering parts and components currently being produced with polyester resins.
RSI has moved into end product manufacturing to expedite utilization of Version resins in the marketplace. In order to implement this strategy, RSI is expanding its engineering design and production team. RSI has received commitments from three individuals who will be joining RSI's engineering team shortly. The company's engineering/production team will be working with existing and new customers to further promote understanding of Version resins in order to accelerate the production trial process.
""The initiative moving us into the area of manufacturing select products, is complimentary to ongoing efforts to secure agreements for the supply of Version resins with large-scale manufacturers of composite materials products. Management and the Board of Directors believe it is imperative to implement this two-prong strategy. We need to show the industry that our environmentally friendly line of Version resins will result in products with superior strength and quality characteristics, in addition to being competitively priced, as compared to other available resins. We are now driving and expediting market acceptance of Version resins"", said Greg Pendura, President and Chief Executive Officer of RSI.
In another development, RSI is finalizing details for the manufacture of products for two other companies. Details regarding these supply agreements will be released when the agreements are completed. In addition, another U.S. based company is shipping dies to RSI's plant in Edmonton for the production of sample parts to be used in four different applications. This company is scheduled to review the production process at RSI's facility in early February. If the production trials are successful, RSI has been informed that manufacturing will commence by the end of March.
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