Genesis Worldwide Inc. Announces Fourth Quarter...

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[{"type":"text","content":"\n \n\nFOR: GENESIS WORLDWIDE INC.\n\nTSX, AIM SYMBOL: GWI\n\nMarch 5, 2009\n\nGenesis Worldwide Inc. Announces Fourth Quarter and Fiscal Year 2008 Results\n\nLicensing Division Achieves Fourth Consecutive Year of Revenue Growth\n\nMISSISSAUGA, ONTARIO--(Marketwire - March 5, 2009) - Genesis Worldwide Inc. (\"Genesis\" or the \"Company\")\n(TSX:GWI)(AIM:GWI), a leading provider of 'green' building products and technology, announces its financial\nresults for the fourth quarter and fiscal year ended December 31, 2008. All dollar amounts are in Canadian\ndollars unless otherwise stated.\n\nOverall Performance\n\nThe following are the Company's key business highlights -\n\n- Grew licensing division revenue for the fourth consecutive year to $8,852,474, achieving a four year\ncompounded growth rate of 172%, and achieved second consecutive year of operating profit.\n\n- Reduced operating costs by 25% in the fourth quarter, compared to the previous three quarters, and is in the\nprocess of delisting from its AIM listing, thus lowering public company costs.\n\n- Reduced headcount by 36%, from 131 employees at December 31, 2007, to 84 employees at December 31, 2008.\n\n- Continued sales momentum in government related projects for both schools and affordable housing by signing\ntwo new school projects, and one affordable housing project during the quarter.\n\n- Grew backlog of signed contracts by 28%, to $47.0 million on December 31, 2008, compared to $36.7 million at\nDecember 31, 2007.\n\n- Developed a new Solution Provider Program for 2009, enabling the licensing division to target a broader range\nof customers at a lower cost entry point, and drive revenue opportunities to licensees.\n\n- Continues to develop its production and installation process to find ways to reduce costs, both from a\nmaterial and efficiency perspective, and developed six new SMART parts in the quarter, which is expected to\nresult in considerable savings in 2009 for the KML division.\n\n- Released GEM Version 4.0 as a fully hosted application model enabling it to reduce support costs for its\nlicensees.\n\n- On February 23, 2009, completed a financing with proceeds of $1,534,742 from a secured convertible debenture.\n\n- Previously announced the appointment of two new Board members, Bradley Baker and Richard Pope, as well as the\nappointment of Bradley Baker a...

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