Genesis Worldwide Announces Private Placement o...

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[{"type":"text","content":"\n \n\nFOR: GENESIS WORLDWIDE INC.\n\nTSX, AIM SYMBOL: GWI\n\nFebruary 23, 2009\n\nGenesis Worldwide Announces Private Placement of a $1,534,742 Cdn. Principal Amount Secured\nConvertible Debenture and Appoints Directors\n\nMISSISSAUGA, ONTARIO--(Marketwire - Feb. 23, 2009) - Genesis Worldwide Inc. (\"Genesis\" or the\n\"Company\"), (TSX:GWI)(AIM:GWI), a leading provider of 'green' building technologies, announces the\nclosing today of the private placement to Codding Enterprises (\"Codding\"), a limited partnership\nexisting under the laws of the State of California, of a $1,534,742 Cdn. principal amount secured\nconvertible debenture (the \"Debenture\"). The Debenture matures on August 23, 2010 and bears simple\ninterest at the rate of 10% per annum and is convertible at the option of Codding into common shares\nof Genesis at an initial conversion price of $0.242 Cdn., subject to standard anti-dilution\nprovisions. The Debenture is secured by a general security interest in all of the assets of Genesis\nwhich ranks subsequent to the security interest previously granted by Genesis to its secured lender.\nFollowing the issuance of the Debenture, on a partially-diluted basis, assuming only the conversion of\nthe Debenture, Codding beneficially owns 7,393,309 common shares of Genesis, representing\napproximately 19.81% of the issued and outstanding shares of Genesis (on such partially-diluted\nbasis).\n\nGenesis is pleased to announce that Bradley Baker and Richard Pope have been appointed to the Board of\nDirectors of Genesis. Mr. Baker has also been appointed Chairman of the Board.\n\nBradley Baker is the President and Chief Executive Officer of Codding Investments, Inc., a California\nbased investment holding company that owns and controls over two million square feet of commercial\nreal estate, a commercial construction company, and investments in green building products,\nalternative energy and sustainable communities. Mr. Baker is the individual behind Sonoma Mountain\nVillage, an award winning environmentally-conscious redevelopment in Northern California. He is also\nthe co-founder and Chairman of American Biodiesel, Inc., a leading producer of high quality biodiesel\nin the United States.\n\nRichard Pope is the Chief Executive Officer of Codding Steel Frame Solutions. Mr. Pope brings over 20\nyears of experience in the con...

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