CALGARY, March 14 /PRNewswire/ - RS Technologies Inc. ("RS" or the "Company") (TSX: RS), a technology innovator and manufacturer of advanced composite products for infrastructure markets, announced that the Toronto Stock Exchange (the "TSX") has extended the date that RS's common shares will be delisted from the TSX from the close of market on March 15, 2011 to the close of market on March 29, 2011. The Company has made an application for listing of its common shares on the TSX Venture Exchange (the "TSXV") to ensure continued and seamless trading liquidity for shareholders. The Company anticipates that if its application is approved, a transfer of its stock exchange listing to the TSXV would occur on or about the TSX delisting date.
RS continues to work with its advisor, Macquarie Capital Markets Canada Ltd., to identify investors and strategic partners for RS to provide the Company with both short and long term solutions for its working capital needs. There is no assurance that RS will be successful in completing a transaction with any such investors or strategic partners.
RS is an ISO 9001:2008 certified technology innovator that develops advanced composite material products for infrastructure markets. The composite products manufactured using the company's proprietary resins and processes are typically lighter, more durable and longer-lasting than competing products made from the traditional building blocks of wood, steel or concrete. RS's flagship product is its award-winning RStandard® composite pole. The pole is used as transmission and distribution poles to carry electric grids and as communication structures for various uses including wireless networks and microwave communications systems.
For the latest on RS's developments, go to the company's website at www.grouprsi.com.
"RStandard" is a registered trademark of RS.
Certain information set forth in this news release, including the anticipated date the common shares will be delisted from the TSX and commence trading on the TSXV, contains forward-looking statements which are based on RS's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause RS's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, RS not meeting the listing requirements of the TSXV or another recognized stock exchange, RS not securing additional funds for its working capital needs to continue as a going concern beyond mid April 2011; RS's lack of revenues and unpredictability of future revenues; the uncertainty of the profitability of existing and contemplated products of RS; RS's ability to raise capital on acceptable terms when needed; RS's ability to attract and retain key employees; competition from established competitors with greater resources; the uncertainty of the developing markets in which RS operates; the risks associated with rapidly changing technology; RS's reliance on third parties to supply raw materials and the cost of such raw materials; intellectual property risks, foreign exchange rate fluctuations and changes in general economic, market and business conditions. Many of these risks and uncertainties are described in RS's annual information form for the year ended December 31, 2009 and other documents RS files with the Canadian securities authorities. The forward-looking statements are made as of the date hereof and RS assumes no obligation to update or revise such statements to reflect new events or circumstances except as required by applicable securities laws.
SOURCE RS Technologies Inc.