School Renovation First Major Project for Genesis' Spain Licensee
MISSISSAUGA, ON, Oct. 4 /CNW/ - Genesis Worldwide Inc. ("Genesis" or the
"Company"), (TSX/AIM: GWI), a leader in "green" structural building technology
aimed at the residential, commercial and institutional building markets, today
announced the commissioning of the new production facility of its licensee,
Industrias Alcuadrado S.L. ("Alcuadrado"). Alcuadrado is an architectural
design and building firm located in Barcelona, Spain. Using the Genesis
Solution, a turn-key solution which includes leading edge software, industrial
equipment, hardware, processes and engineering services, the Alcuadrado plant
will produce light steel structural panels. Genesis light steel structural
technology is ecologically responsible in the way that it uses recyclable
materials. There is minimal waste in the manufacturing process which creates
less stress on the environment.
In addition to the upfront licensing fee, Genesis will receive ongoing
quarterly royalty fees from Alcuadrado, including fees from the sale of
manufacturing equipment, and for services provided by Genesis such as
training, engineering and support when required.
Genesis President and CEO, Vince Mifsud, sees the commissioning of the
Alcuadrado plant as another significant step in Genesis' growth strategy.
"This is an important milestone in the growth strategy of our company, which
is to expand our licensees globally. Europe is an important market and we
expect that the commissioning of this facility will mark the start of other
European licensees following suit." Mr. Mifsud added, "This is the second
plant that we have commissioned in 2007 and is another step towards reaching
our goal of commissioning three plants by the end of the year."
On the heels of their success as a Genesis distributor, Alcuadrado
management saw a timely opportunity in 2006 for increased business
opportunities by becoming a licensee of Genesis' technology and services. It
made sound financial sense for them to open a plant to produce their own light
steel panels for the architecturally-designed homes and buildings that they
have become known for.
With the commissioning of the new plant, Alcuadrado is now able to easily
offer an affordable, environmentally friendly alternative to traditional
methods of building. The new Alcuadrado plant is 45,000 square feet allowing
for a large production capacity. When the plant is fully operational it will
be able to produce 900,000 square feet of building joists and panels each
The new plant will also enable Alcuadrado to build residences and
institutional buildings with greater efficiency and speed as is displayed in
their first contract since production began last month, the design and
building of an addition to the Maria de Huerva Public School in Zaragoza,
Spain. More traditional building additions can take up to eight months to
complete. Alcuadrado, utilizing the Genesis Solution advantage, was able to
complete the assignment in a matter of weeks.
Ferran Pla, Alcuadrado General Manager, says his company's relationship
with Genesis will pay immediate dividends for Alcuadrado. "This school project
is a wonderful first step, but it is just the first step in a building
approach that will be a real breakthrough in the Spanish market. Our challenge
in this instance was the short time line, between the end of school in June
and the beginning of the new school year in September. Our mission was a
complete success, built with outstanding quality and delivered on-time.
Conventional building methods would have taken up to eight months."
Pla stressed that there is much more to come. "We will be launching Phase
II of this school project shortly and will be building a number of residential
homes in the weeks to come. We are very optimistic about new contracts in the
pipeline to build large developments and condominiums. Our customers are
located throughout Spain with many in major markets such as Barcelona."
About Genesis Worldwide Inc.
Genesis develops and licenses structural building technology aimed at the
residential, commercial and institutional building markets. Genesis offers
licensees a turn-key solution enabling them to custom design, manufacture and
install complete light steel building structures. The Genesis Solution
encompasses engineered processes and materials that are environmentally
sustainable or "green". Genesis is headquartered in Mississauga, Ontario,
Canada and currently has seven licensees worldwide. For additional information
about the Company, visit www.genesisworldwide.com.
Certain statements contained in this press release constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook and
anticipated events or results and, in some cases, can be identified by
terminology such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue" or other
similar expressions concerning matters that are not historical facts. These
statements are based on certain factors and assumptions including expected
growth, results of operations, performance and business prospects and
opportunities. While the Company considers these assumptions to be reasonable
based on information currently available to us, they may prove to be
incorrect. Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to differ
materially from what we currently expect. These factors include changes in
market and competition, governmental or regulatory developments and general
economic conditions. Additional information identifying risks and
uncertainties relating to the Company, its business and prospects are
contained in Genesis' prospectus filed with the Canadian securities regulatory
authorities, available at www.sedar.com.
For further information:
For further information: Genesis Worldwide Inc.: Catherine Smyth,
Manager, Investor Relations, Tel: (905) 285-9909, ext. 302 - or - Canaccord
Adams, Robert Finlay/Erin Needra, Tel: +44 020 7050 6500