Genesis Worldwide Inc.

Genesis Worldwide Inc.

April 21, 2008 10:43 ET

Genesis Worldwide Inc. Prepares for Growth

Opens Engineering Design Centre in Ankara, Turkey

MISSISSAUGA, ONTARIO--(Marketwire - April 21, 2008) - Genesis Worldwide Inc. ("Genesis" or the "Company"), (TSX:GWI)(AIM:GWI), an industry leader in "green" structural building technologies using light steel, is pleased to announce that the GenesisTP Inc. Engineering department has expanded with the establishment of a new engineering office in Ankara, Turkey's capital city. The new Genesis Engineering Design Centre ("Genesis Centre") has been created to provide Genesis' engineering resources to Genesis' licensees around the world.

The Genesis Centre will support and assist its licensees in the development of their businesses by offering structural engineering and design expertise. "Recognizing that a licensee has a number of things to do to build their business and get their manufacturing facilities operational, we believe it makes good business sense to open an office that will handle the engineering and detailing aspects of our licensees' business worldwide. This expansion is the result of the growth of GenesisTP," said Vince Mifsud, President and Chief Executive Officer of Genesis.

Engineering and design are key elements of the Genesis process, and as part of the "Genesis Solution", licensees are able to access services which provide operational planning, design, training and support. In that licensees use Genesis light steel structural engineers to design and inspect each building structure, their customers can expect the structural integrity and quality of such buildings to meet and exceed applicable building standards.

Mike Tancredi, P. Eng., PE, MSCE, Genesis' Vice President of Engineering and Design, sees this as a "win-win" for both Genesis and its licensees. "We have the expertise to provide the added-value support to assist our licensees in building a great product. Genesis benefits in that we have broadened our engineering services markets as we continue to grow our business internationally," commented Tancredi.

Mr. Tancredi added, "Turkey is a strategic choice for the location of our Genesis Centre, due to its proximity to Europe and the Middle East. The Ankara office will serve our licensees in this part of the world very effectively. As we continue to build relationships with licensees around the globe, the Genesis Centre will provide them with easy access to our engineers who bring an in-depth expertise in the field of light steel structural building."

Mr. Ahmet Utku Yazgan, BSc (Eng.), ME, has been hired by Genesis to run the Ankara office in the role of Director and Senior Structural Engineer. Mr. Yazgan is a graduate of the Middle East Technical University (Ankara), a highly respected technical university in the Middle East. In addition, he holds three Master of Science degrees in Disaster Mitigation, Construction Materials, and Earthquake Engineering and Structural Dynamics. He has specialized in building structural design as well as the rehabilitation of existing buildings damaged by earthquakes. Said Mr. Tancredi, "With nine years of highly successful experience in structural design, Mr. Yazgan will be a major contributor to our department. Initially, the Genesis Centre will commence operations with a team of three Genesis-trained engineers, with plans to expand as the number of licensees grows, and as the demand for engineering and design services increases."

"Mr. Fikret Duvan, P.Eng, Genesis' Director of Engineering, has the responsibility of launching the Ankara office and will be chief liaison between the Ankara and Mississauga, Ontario, Canada offices. Mr. Duvan is a native of Turkey, living in Canada, which is very important for the successful establishment of the Genesis Centre," added Mr. Tancredi.

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

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 Company's ability to continue to grow its business internationally. Specifically, we have assumed that the number of licensees will continue to grow and, as a result, the demand for engineering and design services will increase. 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 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
    Canaccord Adams
    Robert Finlay
    +44 020 7050 6500