VAUGHAN, ON, April 14 /CNW/ - Genesis Worldwide Inc. (TSX: GWI) ("Genesis" or the "Company") 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 31, 2010, the Company announced (the "Default Notice") that it expected there would be a delay in filing its 2009 annual audited financial statements, management's discussion and analysis, CEO and CFO certifications, and its annual information form (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 6, 2010, the Ontario Securities Commission (the "OSC"), the principal regulator of the Company, 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 Chief Executive Officer and the Vice-President, Finance of the Company 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 19, 2010 for the purposes of making the Temporary MCTO permanent if the Company has not remedied the default in filing the Required Disclosure.
Genesis' auditors are completing the audit of the Company's 2009 annual audited financial statements, and the Company continues to expect to file the Required Disclosure on or before April 30, 2010. 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 28, 2010.
Pursuant to the requirements of the AIG, the Company 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 Company in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Company 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 Company that has not been generally disclosed.
About Genesis Worldwide Inc.
Genesis is a provider of green light steel building products, systems and technology targeted at the global commercial, residential and institutional building sectors. Genesis delivers customized turnkey structural solutions including innovative light steel products, software packages, industrial equipment, training programs, professional services and support. 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 and Russia. For additional information about the Company, 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 Company'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 Company 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 Company 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 Company 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 Company'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 the Company does not undertake any obligation to update forward-looking statements, except required by law, should assumptions related to these plans, estimates, projections, beliefs and opinions change.
SOURCE GENESIS WORLDWIDE INC.
For further information: For further information: Genesis Worldwide Inc., Catherine Smyth, Manager, Investor Relations, Tel: (905) 832-9286