RS Provides Update on CCAA Proceedings

Calgary, Alberta (ots/PRNewswire) -

RS Technologies Inc. ("RS" or the "Company"), an ISO 9001:2008
certified company that designs, engineers and manufactures composite
utility poles, announced that it has taken several important steps
under its Companies' Creditors Arrangement Act (Canada) ("CCAA")
proceedings that were commenced on March 14, 2013.

RS has obtained from the Alberta Court of Queen's Bench (the
"Court") an extension of the stay of proceedings contained in the
initial order until June 28, 2013 (the "Stay Extension"). RS has also
obtained an order authorizing it to commence a reverse claims
procedure (the "Claims Procedure") in order to identify all of its
creditors and the amount of their claims against the Company arising
prior to March 14, 2013.

In conjunction with the application of RS, FTI Consulting Canada
Inc., in its capacity as a court-appointed monitor (the "Monitor"),
has obtained an order approving a sale and investor solicitation
procedure ("SISP"), authorizing the Monitor to execute a form of a
stalking horse credit bid agreement with Werklund Capital Corporation
and Melbye Skandinavia AS (collectively "WCC/Melbye") and increasing
the amount of interim financing available from WCC/Melbye. The
interim financing the Company now has available under the interim
financing credit agreement is up to a maximum amount of $2,750,000.

The SISP will provide a procedure by which RS will solicit third
party interest from persons or entities with respect to a sale of
some or all of its assets or an equity investment with a
restructuring of RS's outstanding indebtedness. The Monitor will now
implement the procedures outlined in greater detail in the SISP.

RS's ultimate goal in relation to the SISP is the completion of a
transaction (the "Transaction"), which restructures its affairs in
such a way so as to maximize its value to all of its stakeholders.
Any such Transaction would need to be approved by the Court upon
completion of the SISP.

While under CCAA protection, the Company continues its operations
in the normal course, under the supervision of the Monitor. The
Monitor will also be responsible for implementing the SISP, reviewing
RS's ongoing operations, liaising with creditors and other
stakeholders and reporting to the Court.

In addition, on March 27, 2013, RS obtained an order of the Court
approving a key employee retention plan. Further details of the Stay
Extension, Claims Procedure, SISP and the key employee retention plan
can be obtained from the Monitor's website at
http://cfcanada.fticonsulting.com/RS/default.htm.

Since the commencement of the CCAA proceedings, RS has continued
to run as a going concern and has been successful in receiving,
processing and shipping orders on time to North American and
international customers, including the ongoing fulfillment of two
significant pole orders to utility companies in Norway.

Certain information regarding RS in this news release including
management's assessment of future plans and operations and the timing
thereof, may constitute forward-looking statements under applicable
securities laws and necessarily involve risks including, without
limitation, risks associated with loss of markets, currency
fluctuations, competition from other systems providers, the ability
to access sufficient capital from internal and external sources and
the uncertainty involved in Court proceedings and the implementation
of a Plan of Arrangement under the CCAA. As a consequence, RS's
actual results, performance or achievements could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any
events anticipated by the forward-looking statements will transpire
or occur, or, if any of them do so, what benefits RS will derive
therefrom. Readers are cautioned that the foregoing list of factors
is not exhaustive. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and RS does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.

About RS RS is an ISO 9001:2008 certified company that designs,
engineers and manufactures composite utility poles. The poles are
used in transmission, distribution and communication applications and
offer a lighter, more durable and longer-lasting solution over wood,
steel and concrete alternatives. In many instances, the
environmentally friendly poles deliver the lowest total installed and
lifecycle cost solution of any pole on the market. With installations
dating back to 2003, RS has over 280 customers globally.

For further information:

RS Technologies Inc.
Tel: (403) 219-8000
Fax: (403) 219-8001
Email: info@RSpoles.com

ots Originaltext: RS Technologies Inc.
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