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GENESIS WORLDWIDE INC. ANNOUNCES VOLUNTARY DELISTING FROM THE TORONTO STOCK EXCHANGE AND RESIGNATION OF AUDITORS

^{Published on 2011-01-14 17:20:25 - Market Wire}
 

VAUGHAN, ON, Jan. 14 /CNW/ - Genesis Worldwide Inc. ("Genesis" or the "Company"), (TSX: GWI), a provider of 'green' structural building technology in the light steel structural products industry, announces that it has made application to voluntarily delist its common shares from the Toronto Stock Exchange ("TSX") effective February 12, 2011 or earlier. As previously announced on October 22, 2010 and December 21, 2010, the Company was subject to a delisting review by the TSX as the Company did not meet continued listing requirements. 

In an effort to ensure uninterrupted trading of the Company's common shares, the Company has made application and has received conditional approval from the NEX exchange, a separate board of the TSX Venture Exchange ("TSXV'), to list its common shares.

Management of the Company believes that a transfer in its stock exchange listing to the TSXV-NEX would provide greater operational efficiency, further access to adequate financing, and lower costs for the Company, while allowing shareholders continued liquidity on a recognized TMX Group board.

Ernst & Young LLP ("E&Y") tendered their resignation as auditors of the Company effective November 30, 2010.  There have been no reservations in the reports of E&Y for the Company's fiscal years ended December 31, 2008 and 2009.  There are no reportable events between the Company and E&Y.  The Company is in discussions with two experienced audit firms and expects to appoint a successor auditor in the near future.

About Genesis Worldwide Inc.

Genesis is a provider of green light steel building systems and solutions 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 ("Genesis Solution") to its customers and partners 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, except required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.