Last checked at 10 Jul 2007 07:00
Genesis Worldwide Inc.'s Light-Steel Framing Technology Introduced to Dubai's Booming Construction Industry
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR FOR DISSEMINATION IN
THE UNITED STATES/
MISSISSAUGA, ON, July 10 /CNW/ - Genesis Worldwide Inc. ("Genesis"), TSX/AIM: GWI, a leading provider of green structural building technology using light-steel, announces the signing of a technology license and service agreement with Manazil Steel Framing Factory ("Manazil"), a newly formed subsidiary of Khalifa Al Fahad Company of Abu Dhabi, United Arab Emirates, an Emirates building construction company established in 1980.
Under the terms of the agreement, Manazil will establish a light-steel frame manufacturing plant in the industrial zone of Abu Dhabi using the Genesis solution, a turn-key solution which includes leading edge software, industrial equipment, hardware, processes and engineering services ("Genesis Solution"). The plant is scheduled to be operational by early 2008 and will address the market opportunities created by the construction boom in the UAE, especially in Dubai and Abu Dhabi.
Given Abu Dhabi's strategic location, this agreement will help Genesis emerge as a player in the building industry in the fast growing UAE market. Maged Mostafa, Vice President of Business Development for Genesis, sees this as a breakthrough for Genesis, as Manazil will be able to serve a large portion of the Gulf region from its new plant.
"The Genesis Solution allows for the custom design and manufacture of buildings six storeys or less. Its inherent flexibility will allow Manazil to offer builders in the UAE structural solutions that meet their architectural requirements, but in a much more efficient fashion," said Mostafa.
Manazil was attracted to the Genesis Solution as it provides a clear alternative to traditional methods and materials and offers an energy efficient, fire resistant, cost-effective and fast building solution. Manazil selected the Genesis Solution after carefully assessing other types of building materials and systems.
Ali Muhsin, Project Manager of Manazil stated, "We believe that working together with Genesis will be the best solution to achieve our goals and offer a new, smart, fully integrated turn-key approach and more simplified construction solution to the Middle East area." The first phase of production will include the manufacturing of 200,000 square meters of panels intended to build 500 modern villas.
According to Mohammad Khalifa Al Fahad Al Mehairi, Chairman of the Board of Manazil, the contract signed with Genesis is the first of its kind in the Arabian Gulf and Middle East region. Manazil will be the sole provider of Genesis building systems in the United Arab Emirates and Qatar.
With the introduction of the Genesis Solution into the Gulf Region, Manazil expects to revolutionize the local building industry and bring substantial benefits to the market, including a reduction of building costs and construction time. It will also increase the lifespan and overall quality of buildings compared with traditional types of building construction.
About Genesis Worldwide Inc.
Genesis is headquartered in Mississauga, Ontario, Canada and has licensees worldwide. 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". For additional information about the Company, visit www.genesisworldwide.com.
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the Corporation's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While the Corporation considers these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions. Additional information identifying risks and uncertainties are contained in Genesis' prospectus filed with the Canadian securities regulatory authorities, available at www.sedar.com.
For further information: Genesis Worldwide Inc., Catherine Smyth, Manager, Investor Relations, Tel: (905) 285-9909, ext. 302 or Canaccord Adams, Robert Finlay or Erin Needra, Tel: +44 020 7050 6500 (GWI)
GENESIS WORLDWIDE INC