Genesis Worldwide Inc.
TSX : GWI

Genesis Worldwide Inc.

July 31, 2009 18:26 ET

Genesis Worldwide Inc. Announces Closing of Non-Brokered Private Placement of Common Shares and Warrants

Completes $150,000 Private Placement to Investors Associated With a Prominent Builder in the GTA

MISSISSAUGA, ONTARIO--(Marketwire - July 31, 2009) - Genesis Worldwide Inc. ("Genesis" or the "Corporation"), (TSX:GWI), a leading provider of 'green' structural building products and technology in the light steel structural products industry, announces that it has completed a non-brokered private placement (the "Private Placement") of 600,000 common shares at a price of $0.25 per common share raising aggregate gross proceeds of $150,000. In addition, each subscriber pursuant to the Private Placement received one half of a common share purchase warrant (a "Warrant") for each common share subscribed for. Each Warrant is exercisable to purchase one common share of the Corporation at a price of $0.35 per common share and will expire on July 31, 2013. The proceeds of the Private Placement will be used for working capital purposes.

About Genesis Worldwide Inc.

Genesis is a leading provider of green light steel structural 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 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 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 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.

Contact Information

  • Genesis Worldwide Inc.
    Catherine Smyth
    Manager, Investor Relations
    (905) 285-9909, ext. 302