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Prospector
Profile
1220-04
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| Resin Systems, Inc. |
NAICS |
321211 |
| 00-2421-37 Ave. NE
Calgary, Alberta, Canada T2E 6Y7 |
Description |
Composite Products Mfg. |
| (403) 219-8000 |
Employees |
216 |
| https://web.grouprsi.com/rsweb/ |
Revenue |
(mil) |
4.7310 |
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Income |
(mil) |
-43.4110 |
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Assets |
(mil) |
16.6150 |
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Liability |
(mil) |
25.0350 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
KPMG LLP expressed substantial doubt on the ability of Resin Systems, Inc. to continue as a going concern after auditing its financial statements for the year ended December 31, 2006. During fiscal year 2006, the Company reported a net loss of $43.4 million on $4.4 million in revenues, more than double the $21 million net loss on $1.4 million in revenues reported during the previous fiscal year. At December 31, 2006, the Company had negative working capital of $2.8 million and an accumulated deficit of $97.2 million. It also has strained liquidity with $4.7 million in total current assets available to pay $25 million in total current liabilities.
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Intellectual Property:
The Company seeks intellectual property protection by applying for patents in Canada, the United States and other countries. A U.S. Patent with respect to "A Two Component Chemically Thermoset Composite Resin Matrix for Use in Composite Manufacturing Processes" has been issued under United States Patent No. 6,420,493 B1. The Company has filed additional patent applications in respect of additional resin systems, filament winding technology, pultrusion technology and related line equipment technology. The Company has obtained trademark registration from the Canadian Intellectual Property Office, the United States Patent and Trademark Office, and the European Community Trademarks Office for “Version” used in association with synthetic resins for use in the manufacture of moulding compounds. It has been awarded additional trademarks for various composite products such as “Rstandard” and “VRoll.” In addition, the Company has applied for trademark and logo mark protection to cover various marketing slogans and phrases. [SEC Filing 40-F 03-30-07]
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Description:
The Company develops composite products that outperform products made from conventional materials like wood, concrete and steel.
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Officers:
Wilmot L. Matthews (Chair); Paul B. Giannelia (Pres., CEO & Dir.); Robert I. Schaefer (CFO & Corp. Sec.); Cheryl FitzPatrick (SVP); Brian A. Felesky (Dir.); James K. Gray (Dir.); Dwayne D. Hunka (Dir.); David A. Williams (Dir.)
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Auditor:
KPMG LLP
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Securities:
Common Stock-Symbol RSSYF.OB; OTC BB;
11,732,274 common shares outstanding as of December 31, 2006.
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