MISSISSAUGA, ON, Sept. 26, 2011 /CNW/ - Genesis Worldwide Inc.
("Genesis" or the "Company"), (NEX: GWI.H), a leading provider of
'green' structural building products and technology in the light steel
structural products industry, announces that the cease trade orders
issued by the Ontario Securities Commission, the British Columbia
Securities Commission, and the Autorité des marchés financiers
(collectively, the "Commissions") on July 15, 2011, July 7, 2011 and
July 20, 2011, respectively, for failure to file its interim financial
statements for the three months ended March 31, 2011, and the related
management's discussion and analysis and CEO and CFO certificates
(collectively, the "Required Disclosure") on or prior to the filing
deadline of June 29, 2011, have been fully revoked by the Commissions.
The failure to file the Required Disclosure on or prior to the filing
deadline resulted from changes in the Company's accounting personnel
which delayed the Company's transition from Canadian generally accepted
accounting principles to International Financial Reporting Standards as
mandated by the Canadian Securities Administrators.
The Required Disclosure was filed by the Company on July 29, 2011 and it
can now be viewed at www.sedar.com. The Company is in the process of applying to the NEX for reinstatement
About Genesis Worldwide Inc.
Genesis is a provider of green light steel building technology and
solutions targeted at the global commercial, residential and
institutional building sectors. Genesis delivers customized turnkey
structural solutions, 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 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 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, except required by
law, the Company 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.
President & Chief Executive Officer
Tel: (707) 478-6250