VAUGHAN, Ontario, March 21, 2011 /PRNewswire/ -- Genesis Worldwide Inc. (NEX: GWI.H) ("Genesis" or the "Corporation"), a leader in software and industrial technology for residential and commercial construction, today announced the groundbreaking for the new production facility for its licensee, Megastar Engineering and Construction ("Megastar E&C"), in Hung Yen Province, Vietnam.
Megastar E&C, an emerging and fast developing Vietnamese engineering and construction company, is poised to take advantage of the rapidly growing trends in the use of panelized cold formed steel construction and advanced building information modeling technology provided by Genesis ("Genesis Technology"). The new plant will enable Megastar E&C to build single and multi-storey residential and commercial buildings with greater efficiency and speed while producing less waste and providing buildings that use less power than traditional structures.
Genesis' President and CEO, Richard Pope, and Genesis' Board member, Alan MacQuoid, recently visited Vietnam to negotiate the final terms for the sale of the Genesis Technology and equipment to Megastar E&C and provided a presentation on the use of cold formed steel building solutions to a group of contractors, engineers and government building officials.
Plans are underway to open the new facility by the end of the year, which will be used to supply cold formed steel building panels to South East Asia including Vietnam, China and Japan.
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, Russia and South East Asia. For additional information about the Corporation, visit http://www.genesisworldwide.com.
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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 Corporation'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 Corporation at the time of preparation, may prove to be incorrect.
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Many factors could cause the actual results of the Corporation 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 Corporation's most recent Annual Information Form ("AIF"), a copy of which is available on SEDAR at http://www.sedar.com. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and, except required by law, the Corporation does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
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For further information: Genesis Worldwide Inc. Richard Pope Chief Executive Officer Tel: +1-905-832-9286
SOURCE Genesis Worldwide Inc