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| September 5, 2008 |
Pursuant section 47(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended ("BIA") BDO Dunwoody Limited,
was appointed as Interim Receiver of Global Composite Manufacturing Inc. ("GCM"), pursuant to
an order granted by the Ontario Superior Court of Justice (Commercial List) (the "Court") .
The court order dated August 1, 2008 (the "Appointment Order"), which amongst other things,
appointed BDO Dunwoody Limited as Interim Receiver of GCM and established a Stay of Proceedings,
was posted on this website (see Available Information section).
In addition, on August 1, 2008 GCM filed a Notice of Intention to Make a Proposal
under the BIA and Grant Thornton Limited consented to be the Trustee in re the proposal of GCM.
However on August 31, 2008 and pursuant to section 50.4(8) of the BIA, GCM was deemed to have made an
assignment in bankruptcy following its failure to file a proposal with the official receiver within the prescribed period.
Following an application by the Interim Receiver, on August 28, 2008 the Court heard the
matter and granted a court order, which amongst other things, approved the Interim
Operating Agreement entered into between the Interim Receiver and RS Advance Structures Inc.,
a wholly-owned subsidiary of Resin Systems Inc. ("Resin"), the Applicant. In support of this application,
the Interim Receiver prepare and filed with the Court its First Report dated August 22, 2008 and a Supplemental
Report date August 27, 2008 (see Available Information section).
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| Global Composite Manufacturing Inc.
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