VAUGHAN, ON, May 4 /CNW/ - Genesis Worldwide Inc. (TSX: GWI) ("Genesis" or the "Company") announced that on April 29, 2010 it filed with the securities regulatory authorities its audited financial statements as at and for the year ended December 31, 2009 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, 2009 (collectively, the "Required Disclosure") which it had been in default of filing since April 1, 2010. As a result of the Company's default in filing the Required Disclosure, on April 6, 2010, 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 Chief Executive Officer and the Vice-President, Finance of the Company. On April 19, 2010, the temporary MCTO was replaced by a permanent MCTO. As a result of the filing by the Company of the Required Disclosure on April 29, 2010, the prohibition against trading contained in the MCTO terminated on May 3, 2010 in accordance with the terms of the MCTO.
About Genesis Worldwide Inc.
Genesis is a provider of green light steel building products, systems and technology targeted at the global commercial, residential and institutional building sectors. Genesis delivers customized turnkey structural solutions including innovative light steel products, software packages, industrial equipment, training programs, professional services and support. 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 the Company does not undertake any obligation to update forward-looking statements, except required by law, should assumptions related to these plans, estimates, projections, beliefs and opinions change.
SOURCE GENESIS WORLDWIDE INC.
For further information: For further information: Genesis Worldwide Inc., Catherine Smyth, Manager, Investor Relations, Tel: (905) 832-9286