Genesis Meets its Goal of Commissioning Three Plants in 2007
MISSISSAUGA, ON, Nov. 27 /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,
Behsazeh Construction Engineering Co. ("Behsazeh"), in Tehran, Iran.
Behsazeh, an Iranian building construction company, recognized the need
for alternative safe building technologies due, in part, to the frequent
seismic activity in Iran. The new plant will also enable Behsazeh to build
residences and institutional buildings with greater efficiency and speed.
Iran requires safe schools and housing for its population. Behsazeh has
responded to these needs by building its new production facility specifically
to produce light steel structural frames. Using the Genesis Solution, a
turn-key solution which includes leading-edge software, industrial equipment,
hardware, processes and engineering services, Behsazeh will utilize the latest
version of the C4 custom panel fabrication line, which is a key element of the
Genesis technology package. C4 is a light steel panel assembly line which is
designed to maximize production and maintain quality control.
As part of the Genesis Solution, Behsazeh will also receive assistance
from a team of Genesis experts that support project management and
implementation services. The implementation services provided to Behsazeh are
designed to support and guide the plant staff through the initial planning,
installation and commissioning of the production facility, as well as offering
all training necessary for plant operations.
One of the major selling points of Genesis technology in Iran is the
flexibility and ability of light steel structural frames to withstand
considerable seismic activity. The ever-present potential for earthquakes in
Iran makes the Genesis Solution a superior choice for building, due to the
structural integrity of its products.
In addition to the upfront licensing fee, Genesis will receive ongoing
quarterly royalty fees from Behsazeh, and 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
Behsazeh plant as yet another significant step in Genesis' growth. "This is
another important milestone in the growth of our company by expanding our
licensees globally. We are very optimistic about the growth opportunity in the
Iranian building market." Mr. Mifsud added, "This is the third plant that we
have commissioned in 2007, and therefore we have successfully met our goal of
commissioning three plants by year end."
Mohammadali A. Gholitabar, General Manager of Behsazeh, says he believes
that by joining the international network of Genesis' licensees, Behsazeh's
key goals can now be achieved. "Our business objective is to be the leading
building manufacturer in Iran and local regions, with a building solution that
is not only quick to assemble but also built to withstand the seismic activity
common to the geography of Iran," said Mr. Gholitabar. "Our agreement and
ongoing relationship with Genesis is an ideal partnership because of its
superior products and services and the ongoing support that they provide.
Recently, the Genesis implementation team was here in Tehran to assist us in
our plant setup and we are now poised to meet our stated objectives. We are in
negotiations with the government and other potential clients and are extremely
optimistic about the numerous opportunities in Iran," added Mr. Gholitabar.
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