MISSISSAUGA, ON, May 16 /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 Corporation, whether direct or
indirect, by the President and Chief Executive Officer and the Vice
President of Finance (the "Respondents") of the Corporation. On April
15, 2011, as the Corporation had not remedied the default in filing the
Required Disclosure, the temporary MCTO was replaced by a permanent
MCTO. As a result, the Respondents are restricted from trading in and
all acquisitions of securities of the Corporation, whether direct or
indirect, until two full business days following the receipt by the OSC
of the Required Disclosure. All other parties are permitted to freely
trade the Corporation's securities.
Genesis' auditors are in the process of auditing the Corporation's 2010
annual audited financial statements and, due to new accounting
personnel and new auditors, the Corporation expects to file the
Required Disclosure on or before May 31, 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 May 30, 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
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.
Chief Executive Officer
Tel: (707) 478-6250