VAUGHAN, ON, Jan. 14 /CNW/ - Genesis Worldwide Inc. ("Genesis" or the
"Company"), (TSX: GWI), a provider of 'green' structural building
technology in the light steel structural products industry, announces
that it has made application to voluntarily delist its common shares
from the Toronto Stock Exchange ("TSX") effective February 12, 2011 or
earlier. As previously announced on October 22, 2010 and December 21,
2010, the Company was subject to a delisting review by the TSX as the
Company did not meet continued listing requirements.
In an effort to ensure uninterrupted trading of the Company's common
shares, the Company has made application and has received conditional
approval from the NEX exchange, a separate board of the TSX Venture
Exchange ("TSXV'), to list its common shares.
Management of the Company believes that a transfer in its stock exchange
listing to the TSXV-NEX would provide greater operational efficiency,
further access to adequate financing, and lower costs for the Company,
while allowing shareholders continued liquidity on a recognized TMX
Ernst & Young LLP ("E&Y") tendered their resignation as auditors of the
Company effective November 30, 2010. There have been no reservations
in the reports of E&Y for the Company's fiscal years ended December 31,
2008 and 2009. There are no reportable events between the Company and
E&Y. The Company is in discussions with two experienced audit firms
and expects to appoint a successor auditor in the near future.
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 and Russia. 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 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 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.
SOURCE Genesis Worldwide Inc.
For further information:
Genesis Worldwide Inc.
Chief Executive Officer
Tel: (905) 832-9286