I spoke to Russell plywood in New Castle Delaware, and they will be carrying a waterproof MDF within a couple of weeks. It is made by a Canadian company called Flakeboard. It is called premiere plus MR MDF and here is a link to the specs on it.
http://www.flakeboard.com/specs/Flak...F_EG_Specs.pdf
Russell plywood also carries an ultralight weight, MDF, made by a company called Tafisa and it works exceptionally well for a spoilboard.