Resin Systems Inc. is a Canadian company that develops, manufactures, and sells composite products for infrastructure markets. Its products include utility poles and composite roller tubes, which are used in roller assemblies for industrial bulk material handling equipment. The company was founded in 1995. It was formerly known as Recycled Solutions for Industry, Inc. and changed its name to Resin Systems, Inc. in 2000. The company is headquartered in Calgary, Canada.
RS Technologies Inc. headquartered in Calgary, Canada. In October 2011 Paul Giannelia, whose background is in construction, was removed and replaced by COO Howard Elliott. At the same time Wilmot Matthews (Chair), Dwayne Hunka, and David Williams stepped down Board of Directors and were replaced by three members from Werkland Capital. James Gray and Brian Felesky, both close personal friends of Paul Giannelia, remained on the board as did Gianellia. Over Gianenilla's term the company lost over $100MM in investors capital, failed to turn a profit and made a number of nearly fatal business decisions.
The company's latest financials for the first quarter of 2009 reveal that revenue was $1 million (Cad); cost of sales was $1.9 million (Cad) and the loss was $6.3 million (Cad).
The company's 2008 financials show revenue of $4 million (Cad), cost of sales was $5.5 million (Cad) and the loss for the year was $38.8 million (Cad). A huge increase in losses over 2007, which had revenue of $.9 million (Cad), cost of sales of $1 million (Cad) and a loss of only $24 million (Cad).
The latest financial reports disclose the following: ..."To date, the Company's main source of cash flow has been through the issuance of debt and equity securities. This dependence on the public market to fund its cash flow needs has resulted in management including a "Future Operations" note in the financial statements. "...There can be no assurance that management s plans will be successful as such plans may be contingent upon new equity and debt funds from investors, as well as market acceptance of RS s products..."
RSI makes RStandard modular utility poles and VRoll industrial conveyor rollers from their own input materials, equipment, and processes . These are made to substitute for products made, traditionally, by resources like wood, concrete, and metal. Instead of using those customary materials, RSI uses their own innovative Version system that implements green polyurethane resin. Version resin is made to be cost-effective and durable. After making the tallest pole constructed out of composites thus far, the company has made a place for itself in the market. This has landed them a contract with two firms in China- one of which is a preferred supplier for China s utility industry. This agreement is estimated to be worth upwards of 36 million U.S. dollars by 2009 as the country is adding about 62,137 miles of transmission lines.
According to RSI, the way that they make their products allows for less harm to the environment on their end as well as their customers end. By making light, durable products, there are less harmful emissions made by maintenance vehicles. No harmful pollutants are released in the manufacture of the products because of the resin that they use. According to GreenPages, RSI s utility poles are environmentally friendly in that they are recyclable, have no leaching, and release no pollutants during production.
RStandard, VRoll, and Version are registered trademarks of Resin Systems Inc.