Genesis Worldwide Inc.
TSX : GWI

Genesis Worldwide Inc.

October 02, 2009 09:08 ET

Genesis Worldwide's Products Division, KML Building Solutions, Wins Its First Eight Storey Building Project In Ontario for $3.0 Million

Genesis Solution Can Now Be Applied to Buildings up to Eight Storeys

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 2, 2009) - Genesis Worldwide Inc. ("Genesis" or the "Company"), (TSX:GWI), a leading provider of "green" structural building products and technology in the light steel structural products industry, today announced that its Genesis Products Division and subsidiary, KML Building Solutions ("KML"), now has the capability to produce cold-formed light steel frame buildings up to eight storeys in height for certain types of buildings. As a result of this new capability, KML has won its first such project in Ontario, Canada of approximately 126,428 square feet.

Using the Genesis turnkey solution ("Genesis Solution"), including leading-edge software, industrial equipment, engineering services and processes, "green" light steel panelized structures for the residential, commercial and institutional building sectors can now be produced with two extra storeys.

Cold-formed light steel specialist companies, including Genesis, have long faced hurdles in the construction marketplace because of building code restrictions and the historical dependence of builders on traditional masonry and concrete construction. As a result, cold-formed light steel buildings have traditionally only been constructed up to six storeys. In fact, in many parts of the world, cold-formed light steel has not extended beyond a single storey and, in some countries, has not been used at all.

For Genesis, ever-increasing engineering knowledge and expertise regarding cold-formed light steel and their proprietary structural system has created the opportunity to expand their offerings in the highly-competitive construction marketplace.

The market for four to eight-storey buildings is a segment where Genesis believes it has a definite competitive advantage. In most of North America, wood is prohibited from being used in any building that is four storeys or more. Importantly, Genesis has already established a strong presence in the school and affordable housing market.

Of technical significance, the Genesis structural system capability affords an increased resistance to lateral forces relative to other systems. The Genesis floor is designed to transfer lateral loads to the shear walls in zones where other systems cannot. The Genesis system can be designed to withstand higher seismic zones and wind zones. The significant strides Genesis has made in terms of integrating its light steel structural solution with lateral concrete systems is now evident at a number of ongoing Genesis and KML projects in the southern Ontario market.

The expertise Genesis has developed in the light steel framing industry, along with its new eight-storey building capability, will help increase its penetration not only in North America, but also energize its emerging presence in the key Asia, Middle Eastern and Eastern European markets where it is presently competing for various building projects.

About KML Building Solutions

KML utilizes Genesis' framing technology to provide builders with higher quality, faster and more cost effective framing solutions than the traditional framing methods of the past. Innovative light steel building materials and a fully integrated "turn-key approach" to framing construction sets KML apart and provides builders with a more simplified building process with considerably less risk. KML has become a leading light steel framing innovator and provider focused on the Ontario, Canada market, and has constructed over 400 projects totaling approximately ten million square feet. KML's manufacturing facility is located in Vaughan, Ontario, Canada and is Genesis' first Canadian licensee. For additional information about KML, visit www.kmlbuildingsolutions.com.

About Genesis Worldwide Inc.

Genesis is a leading 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, and provides software packages, industrial equipment, training programs, professional services and support to licensees 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 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.

Contact Information

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