Codding Enterprises L.P.

October 06, 2010 10:00 ET

Codding Enterprises L.P. Announces Additional Investment in Genesis Worldwide Inc.

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 6, 2010) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Codding Enterprises, a California limited partnership ("Codding"), announced today that it has purchased, via a non-brokered private placement, 2,857,143 common shares (the "Shares") and warrants to purchase an additional 1,428,571 Common Shares (the "Warrants") of Genesis Worldwide Inc. ("Genesis" or the "Corporation"), (TSX:GWI). Each Warrant entitles the holder to purchase one Common Share of the Corporation for Cdn$0.12 per Common Share at any time prior to or on October 6, 2012. Codding has been advised that Genesis concurrently completed a private placement consisting of 9,642,847 Shares and 4,821,423 Warrants.

Codding is currently (prior to completion of the private placement) the registered and beneficial holder of 16,351,986 common shares in the capital of the Corporation and Warrants (the "2013 Warrants") to purchase an additional 2,000,00 shares of Genesis.

Assuming the exercise of the 2013 Warrants and the Warrants held by Codding, Codding will beneficially own 22,637,701 common shares of Genesis representing approximately 29.02% of the issued and outstanding shares of Genesis, on a partially-diluted basis.

Codding has acquired the Shares and Warrants for investment purposes. Codding may, in the future, increase or decrease its ownership of securities of Genesis from time to time depending upon such factors as the business and prospects of Genesis and future market conditions.

Codding will be filing an Early Warning Report in accordance with the provisions of National Instrument No. 62-101 at www.sedar.com. In addition a copy of the Early Warning Report may be obtained from Codding Enterprises LP, 1400 Valley House Drive, Suite 100, Rohnert Park Ca. 94928.

Contact Information

  • Codding Enterprises L.P.
    Bradley E. Baker
    (707) 795-3550