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.
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|