CALGARY, Oct 7 /PRNewswire-FirstCall/ - RS Technologies Inc. ("RS") (RS - TSX), a technology innovator and manufacturer of advanced composite products for infrastructure markets, announced that it has issued 1,136,529,575 common shares of RS today to satisfy its obligation to repay all of the $25 million principal amount of 8.5% unsecured convertible debentures of RS due on October 7, 2010 (the "Unsecured Debentures") and the accrued and unpaid interest thereon. As required by the TSX, RS obtained approval of the common shares issued in respect of the satisfaction of the principal amount of the Unsecured Debentures by way of written consent of shareholders (excluding directors of RS who, directly or indirectly, owned or controlled, Unsecured Debentures) holding a majority of the common shares of record as at August 17, 2010. RS has approximately 1.36 billion common shares issued and outstanding following the share issuance.
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 href="http://www.grouprsi.com/">www.grouprsi.com.
"RStandard" is a registered trademark of RS.
Certain information set forth in this news release, including management's assessment of RS's future plans and operations, 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 securing additional short or long term funds for its working capital needs to continue as a going concern, 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.