11 August 2005
11 August 2005
Resin Systems Inc. has received an order for approximately $26 million USD of its RStandard modular composite utility poles from an established European Union energy producer.
RS will be supplying RStandard utility poles of heights between 32 meters (105 feet) and 41 meters (135 feet) that will be installed in an electric power grid of the EU energy producer. RS will commence delivery of the order upon satisfactory completion of independent testing of the RStandard poles for the customer. The independent testing is scheduled to be completed by the end of 2005 and RS anticipates that all contract deliveries will be completed by the end of 2007.
""We are proud to have been chosen to address the upgrade requirements of an important energy provider's existing electrical power grid,"" said Greg Pendura, Chairman, President and Chief Executive Officer of Resin Systems Inc. ""Our RStandard utility poles will improve the capabilities of the existing infrastructure and will support the increased capacity being developed in that region.""
The company has also acquired approximately one half of a European Union company to pursue market opportunities in the EU and adjacent former eastern bloc countries for the sale of RS's Version resin and products, with the exception of RS's modular composite utility poles. RS intends to advance approximately U.S. $1.875 million to the EU company to establish a production facility in the EU. In addition, the EU company has received a purchase order to supply approximately U.S. $45 million of industrial conveyor system rollers made from its Version resin to a domestic EU mining conglomerate.
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