GENESIS WORLDWIDE PROVIDES FIRST BI-WEEKLY DEFAULT STATUS REPORT REGARDING MANAGEMENT CEASE TRADE ORDER

VAUGHAN, ON, April 4 /CNW/ - Genesis Worldwide Inc. (NEX: GWI.H) ("Genesis" or the "Corporation") is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 16, 2011, the Corporation announced (the "Default Notice") there would be a delay in filing its 2010 annual audited financial statements, management's discussion and analysis, CEO and CFO certifications, and its annual information form for the year ended December 31, 2010 (collectively, the "Required Disclosure") within the 90 day period prescribed for the filing of such documents for the reasons disclosed in that announcement.

As a result of this delay in filing, on April 4, 2011, the Ontario Securities Commission (the "OSC"), the principal regulator of the Corporation, issued a Temporary Management Cease Trade Order (the "Temporary MCTO"), which imposed restrictions on all trading in and all acquisitions of securities of the Company, whether direct or indirect, by the President and Chief Executive Officer and the Vice President of Finance of the Corporation for a period of 15 days. All other parties are permitted to freely trade the Company's securities. The OSC has given notice of a hearing to be held on April 15, 2011 for the purposes of making the Temporary MCTO permanent if the Corporation has not remedied the default in filing the Required Disclosure.

Genesis' auditors are completing the audit of the Corporation's 2010 annual audited financial statements, and the Corporation continues to expect to file the Required Disclosure on or before April 29, 2011. Until the Required Disclosure documents are filed, Genesis intends to continue to satisfy the requirements of the Alternative Information Guidelines (the "AIG") specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status Reports, each of which will be issued in the form of a news release. Genesis intends to file, if required, its next Default Status Report by April 18, 2011.

Pursuant to the requirements of the AIG, the Corporation reports that since the issuance of the Default Notice, there has not been any material change to the information provided therein, nor has there been any failure by the Corporation in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Corporation under NP 12-203 other than the delay in filing the Required Disclosure, and there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.

About Genesis Worldwide Inc.

Genesis is a provider of green light steel building systems and solutions targeted at the global commercial, residential and institutional building sectors. Genesis delivers customized turnkey structural solutions including innovative light steel products, and provides software packages, industrial equipment, training programs, professional services and support ("Genesis Solution") to its customers and partners globally.  Headquartered in the Greater Toronto Area in Ontario, Canada, Genesis has established a network of partners with engineering, manufacturing and distribution operations in Canada, the United States, the Middle East, Eastern Europe, Russia and South East Asia.  For additional information about the Corporation, visit www.genesisworldwide.com.

Caution Regarding Forward-Looking Information

Certain statements in this press release which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements") and are made pursuant to the "safe harbour" provisions of such laws. Statements related to the Corporation's projected revenues, earnings, growth rates, performance, business prospects and opportunities are forward-looking statements, as are any statements relating to future events, conditions or circumstances. The use of terms such as "may", "will", "should", "plan", "believes", "predict", "potential", "anticipate", "expect", "project", "target", "estimate", "continue", and similar terms are intended to assist in identification of these forward-looking statements.  These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects, and opportunities.  These assumptions, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect.

Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance or achievements of the Corporation to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.

Many factors could cause the actual results of the Corporation to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements, including, without limitation, those factors discussed under the heading "Risk Factors" in the Corporation's most recent Annual Information Form ("AIF"), a copy of which is available on SEDAR at www.sedar.com.  Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except required by law, the Corporation does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Genesis Worldwide Inc.

For further information:

Genesis Worldwide Inc.
Richard Pope
Chief Executive Officer
Tel: (905) 832-9286

Profil de l'entreprise

Genesis Worldwide Inc.

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