MISSISSAUGA, ON, Jan. 16, 2012 /CNW/ - Genesis Worldwide Inc. ("Genesis" or the "Company"), (NEX: GWI.H), a leading provider of green and sustainable structural
building products and technology in the light steel structural products
industry, announces that, further to its press release of November 10,
2011, the proposed share consolidation of the issued and outstanding
common shares of the Company on the basis of one (1) post-consolidation
Common Share for every ten (10) pre-consolidation Common Shares (the "Share Consolidation") will be completed effective January 17, 2012 (the "Effective Date").
The Share Consolidation was approved by shareholders at the Company's
Special Shareholders' Meeting held on January 4, 2012, and has been
approved by the NEX, a separate board of the TSX Venture Exchange (the
"NEX"). The Company will be filing the Articles of Amendment to effect the
Share Consolidation on the Effective Date. The Company's Common Shares
will continue to trade on the NEX under the new trading symbol "GWW.H". The Company will commence trading under the new symbol at the market
open on Tuesday, January 17, 2012. The new CUSIP for the Company's
post-consolidation Common Shares is 371847203.
The 82,167,550 pre-consolidation Common Shares of the Company will be
reduced to approximately 8,216,755 post-consolidation Common Shares. In
the event that the Share Consolidation would otherwise result in the
issuance of a fractional Common Share, no fractional Common Shares will
be issued and such fraction shall be rounded up to one whole
post-consolidation Common Share. The exercise or conversion price and
the number of Common Shares issuable under any of the Company's
outstanding warrants and stock options will be proportionately adjusted
pursuant to the Share Consolidation.
The Company has retained its transfer agent, Computershare Investor
Services Inc. ("Computershare") to act as the exchange agent for the Share Consolidation.
Shareholders of record as at the Effective Date will receive a letter
of transmittal providing instructions for the exchange of their Common
Shares as soon as practicable following the Effective Date. To receive
share certificates representing the post-consolidation Common Shares,
registered shareholders will be required to send their share
certificates representing pre-consolidation Common Shares, along with a
properly executed letter of transmittal, to Computershare, in
accordance with the instructions provided in the letter of transmittal.
Additional copies of the letter of transmittal may be obtained from
Computershare by calling 1-800-564-6253.
Non-registered shareholders who own Common Shares in book-entry form do
not need to take any actions to exchange their pre-consolidation
book-entry Common Shares for post-consolidation Common Shares. Upon the
Effective Date, each then existing book-entry account will be adjusted
to reflect the number of post-consolidation Common Shares to which the
non-registered shareholder is entitled.
Additional details with respect to the Share Consolidation can be found
in the Company's management information circular dated December 5,
2011, which is available on SEDAR at www.sedar.com.
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 Company, visit www.genesisworldwide.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document, the
words "may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are intended to
identify forward-looking statements. Such statements reflect the
Company's current views with respect to future events and are subject
to such risks and uncertainties. Many factors could cause the Company's
actual results to differ materially from the statements made, including
those factors discussed in filings made by the Company with the
Canadian securities regulatory authorities. Should one or more of these
risks and uncertainties occur or should assumptions underlying the
forward looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, or expected. The Company does not intend and does not
assume any obligation to update these forward-looking statements,
except as required by law. Shareholders are cautioned not to put undue
reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the 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. || Genesis Worldwide Inc. |
| Richard Pope || Cathy Smyth |
| President & Chief Executive Officer || Manager, Legal Administration & Compliance |
| Tel: (707) 478-6250 || Tel: (647) 295-2284 |