18 February 2005
18 February 2005
Resin Systems Inc. (RSI) have installed a RSI RStandard modular composite pole in southern Ontario's live power grid, and have also granted a 500,000 stock option of RSI shares.
This RStandard composite utility pole installation occurred in a southwestern Ontario urban centre as a backyard application. Backyard installations are very common in all North American urban areas, where continued development and urban growth has made access to existing power lines extremely challenging.
RStandard modular composite utility poles are well suited to this application. Due to their light modular construction they can be carried into tighter locations, such as backyards or alleyways, where they can be assembled and installed with little or no heavy equipment, thus making installation faster, easier and less costly than with traditional utility poles.
In addition, RSI announced today that it has granted stock options to an arm's length consultant of RSI to acquire 500,000 common shares of RSI at an exercise price of $1.25 per share and vesting upon certain performance criteria being met, exercisable for a period of two years.
RSI intends to use the proceeds of the offering to fund production equipment to manufacture its RStandard modular composite utility poles, the commercialization and further development of its Version resins and related products, and for general working capital purposes. All of the common shares, warrants and broker warrants issued by RSI pursuant to the private placement are subject to a four month hold period and are subject to restrictions on resale prior to June 15, 2005.