Genesis Worldwide Inc.
TSX : GWI
AIM : GWI

Genesis Worldwide Inc.

June 20, 2008 11:37 ET

Genesis Worldwide Inc. Announces New Construction Project for Its UAE Licensee, Manazil Steel Framing Factory

Major Customer Contract Reflects UAE Licensee Gaining Momentum

MISSISSAUGA, ONTARIO--(Marketwire - June 20, 2008) - Genesis Worldwide Inc. ("Genesis" or the "Company"), (TSX:GWI)(AIM:GWI), an industry leader in "green" structural building technologies using light steel in residential, commercial and institutional construction markets, is pleased to announce the signing of a significant construction contract by its UAE licensee, Manazil Steel Framing Factory ("Manazil"). Manazil has been contracted to produce and install Genesis' light steel framing solution for a large development of 30 villas in Abu Dhabi.

The Naser Alnwais development will consist of 14 duplexes and two single villas with an average of 4,366 sq. ft. (405 sq.m.) per villa. The total project size is 130,974 sq. ft. (12,168 sq.m.).

Manazil, a subsidiary of Khalifa Al Fahad Company of Abu Dhabi, United Arab Emirates (UAE), an Emirates construction company established in 1980, is licensed as the sole provider of Genesis building systems in the UAE and Qatar.

Manazil has been contracted to produce and install the entire Genesis light steel framing solution consisting of wall panels, iSPAN floor and roof solution, with mansard roof panels for two different villa designs using the Genesis turn-key solution ("Genesis Solution"). The Genesis Solution includes leading-edge software, industrial equipment, hardware, processes and engineering services. The Manazil plant in Abu Dhabi will begin production of panels at the end of August 2008 with installation beginning in mid-September 2008.

Genesis President and CEO, Vince Mifsud, says Genesis' relationship with Manazil has already proven successful. "This is tremendous news for both Manazil and Genesis. This project is an indicator that Manazil is beginning to tap into a very lucrative UAE market. Manazil's success in winning the Naser Alnwais development further signifies that the Genesis system is gaining acceptance in an area with strong future growth potential."

Manazil's Managing Director, Ali Muhsin, also expressed tremendous satisfaction with the announcement. "From Manazil's perspective, this is a real breakthrough. This large project, with Genesis as our partner, is just the beginning of what we believe will be a very successful long-term relationship. We are identifying more and more opportunities with major projects," said Muhsin.

About Genesis Worldwide Inc.

Genesis develops and licenses structural building technology aimed at the residential, commercial and institutional building markets. Genesis offers licensees a turn-key solution enabling them to custom design, manufacture and install complete light steel building structures. The Genesis Solution encompasses engineered processes and materials that are environmentally sustainable or "green". Genesis is headquartered in Mississauga, Ontario, Canada and currently has nine licensees worldwide. 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. Implicit in this information are assumptions regarding the growth potential in the UAE marketplace. Specifically, we have assumed that the UAE marketplace will continue to grow and, as result, ensures ongoing royalty revenues for the Company. 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 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
    Website: www.genesisworldwide.com
    or
    Canaccord Adams
    Robert Finlay
    +44 020 7050 6500