Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, September 29, 2010 RS Listing Review Initiated by the Toronto Stock Exchange
CALGARY, Sept. 29 /CNW/ - RS Technologies Inc. ("RS") (RS - TSX), a technology innovator and manufacturer of advanced composite products for infrastructure markets, announced today that it has been notified by the Toronto Stock Exchange ("TSX") that based on RS's financial condition and trading price, among other things, the TSX is reviewing the eligibility for continued listing on the TSX of RS's common shares. RS is being reviewed under the TSX's Remedial Review Process and has been granted 30 days to comply with all requirements for continued listing. If RS cannot demonstrate that it meets all TSX requirements for continued listing, on or before October 28, 2010, RS's common shares will be delisted 30 days from such date.
RS continues to actively work to secure short and long term funds. As announced in its news release dated September 23, 2010, RS anticipates that it will require additional short term funds or a long term financing solution by early October 2010 in order to continue as a going concern.
Shareholders will be kept advised of the status of RS's TSX listing, and other developments affecting RS, as the process advances.
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 [ 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 term and long term funds for both its near term working capital needs and anticipated manufacturing expansion, 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.
