Codding Enterprises L.P.

October 07, 2010 16:17 ET

Codding Enterprises L.P. Corrects Certain Information Concerning Its Additional Investment in Genesis Worldwide Inc.

VAUGHAN, ONTARIO--(Marketwire - Oct. 7, 2010) -

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

Codding Enterprises, a California limited partnership ("Codding"), wishes to correct and supplement certain information in its press release of October 6, 2010.

Codding has purchased, via a private placement, 2,857,143 Units issued by Genesis Worldwide Inc. ("Genesis"), each Unit consisting of one common share and one-half of one common share purchase warrant (the "Warrants"). The purchase price of each Unit was $0.07. Each Warrant entitles the holder, on exercise, to receive one common share of Genesis for $0.12 at any time prior to October 4, 2012 (not, as previously reported, October 6, 2012).

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 Genesis and Warrants (the "2013 Warrants") to purchase an additional 2,000,00 shares of Genesis.

Following the private placement, Codding will beneficially own 22,637,701 common shares of Genesis (including the shares issuable upon exercise of the Warrants and the 2013 Warrants), representing approximately 36.08% of the issued and outstanding shares of Genesis, calculated 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 Amended Early Warning Report in accordance with the provisions of National Instrument No. 62-101 at www.sedar.com. In addition a copy of the Amended 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