CALGARY, Nov. 5 /PRNewswire/ -- RS Technologies Inc. ("RS") (RS - TSX), a technology innovator and manufacturer of advanced composite products for infrastructure markets, today announced today that the management information circular and proxy statement ("Information Circular") for the upcoming special meeting ("Meeting") of the shareholders of RS to be held on November 29, 2010 has been mailed to RS's shareholders of record as at October 25, 2010.
At the Meeting, shareholders of RS will be asked to consider, among other items, and, if thought appropriate, to pass a special resolution to effect the consolidation of the common shares of RS on the basis of one (1) common share for each two hundred (200) issued and outstanding common shares (the "Consolidation"). The Board of Directors of RS believe that the Consolidation is in the best interest of RS and unanimously recommend that shareholders approve the Consolidation. In addition to shareholder approval, the Consolidation is subject to the receipt of all applicable regulatory approvals. As at November 5, 2010, RS had 2,229,729,581 Common Shares outstanding.
"The Board of Directors believe that it is in the best interests of the company to place certain resolutions before the shareholders at the Meeting, including the special resolution to effect the Consolidation, in order to provide for a more effective platform for the management team to move the company forward and build shareholder value", commented Paul Giannelia, president and chief executive officer of RS.
About RS
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(R) 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 http://www.grouprsi.com/.
"RStandard" is a registered trademark of RS.
This news release contains forward-looking statements concerning RS's intention to complete the Consolidation and RS's belief on the results and impact of the Consolidation which are based on RS's current internal expectations. These statements are not a guarantee that the Consolidation will be completed or that such results and impacts will take place and undue reliance should not be placed on them. These risks and uncertainties include, among other things, changes in general economic, market and business conditions and the receipt of applicable approvals. RS undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.
RS Technologies Inc.
CONTACT:
RS Technologies Inc.
Laurien Abel, Investor Relations
and Communications
Tel: (403) 219-8000 Fax: (403) 219-8001
Email: href="mailto:info@grouprsi.com">info@grouprsi.com
