MISSISSAUGA, ON, June 2, 2011 /CNW/ - Genesis Worldwide Inc. ("Genesis"
or the "Company"), (NEX: GWI.H), announces that on May 30, 2011 it
filed with the securities regulatory authorities its audited financial
statements as at and for the year ended December 31, 2010, and the
related management's discussion and analysis and CEO and CFO
certifications, as well as its annual information form for the year
ended December 31, 2010 (collectively, the "Required Disclosure"),
which it had been in default of filing since April 1, 2011. As a result
of the Company's default in filing the Required Disclosure, on April 4,
2011, the Ontario Securities Commission issued a temporary Management
Cease Trade Order ("MCTO") prohibiting all trading in and all
acquisitions of the securities of the Company, whether direct or
indirect, by the President and Chief Executive Officer and the Vice
President of Finance of the Company. On April 15, 2011, the temporary
MCTO was replaced by a permanent MCTO. As a result of the filing by the
Company of the Required Disclosure on May 30, 2011, the prohibition
against trading contained in the MCTO terminated on June 2, 2011 in
accordance with the terms of the MCTO.
About Genesis Worldwide Inc.
Genesis is a provider of green light steel building technology and
solutions targeted at the global commercial, residential and
institutional building sectors. Genesis delivers customized turnkey
structural solutions, 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 Corporation, 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 Corporation'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 Corporation at
the time of preparation, may prove to be incorrect.
Readers are cautioned not to place undue reliance upon 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 Corporation 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 Corporation 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 Corporation'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 Corporation does not undertake any obligation to update
forward-looking statements should assumptions related to these plans,
estimates, projections, beliefs and opinions change.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in 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.
Chief Executive Officer
Tel: (707) 478-6250