Genesis Worldwide Inc. Introduces the Genesis S...

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[{"type":"text","content":"\n \n\nFOR: GENESIS WORLDWIDE INC.\n\nTSX, AIM SYMBOL: GWI\n\nSeptember 19, 2008\n\nGenesis Worldwide Inc. Introduces the Genesis Solution to Sochi, Russia Venue for the 2014 Winter Olympics\n\nNew Licensing Agreement Represents Major Opportunity for Genesis\n\nMISSISSAUGA, ONTARIO--(Marketwire - Sept. 19, 2008) - Genesis Worldwide Inc. (\"Genesis\" or the \"Company\"),\n(TSX:GWI)(AIM:GWI), an international provider of \"green\" structural building technology using light gauge steel\naimed at the residential, commercial and institutional building markets, is pleased to announce that, as stated\nin the Company's press release dated August 6, 2008, it has entered into a license and services agreement (the\n\"Agreement\") with Metallist Ltd. (\"Metallist\") of Krasnodar, Russia, a newly established subsidiary of Newforma\nCorp., a construction company having the majority of its operations around the City of Krasnodar, in the\nsouthern part of Russia.\n\nThis Agreement calls for the building of a new plant that will produce light steel paneled structures using the\nGenesis Solution, which includes leading-edge software, industrial equipment, hardware, processes and\nengineering services.\n\nUnder the terms of the Agreement, Genesis will earn initial revenue of approximately US$3.3 million from\nlicensing the Genesis technology, the sale of industrial equipment and hardware, and various training and\nconsulting services required for the commissioning of the plant. Genesis will also earn a minimum of US$3.0\nmillion in royalty fees over the next five years. The term of this Agreement is for a five-year period and will\nautomatically renew for an additional ten years.\n\nThe target date for the commissioning of the new plant is February 2009. As part of its agreement with Genesis,\nMetallist's exclusive territory will cover the regions of Krasnodar Krai and the Republic of Adgea within the\nSouthern Federal District of the Russian Federation. Metallist will maintain exclusivity as long as annual\nminimum gross sales targets are achieved. Metallist is located in southern Russia on the Black Sea city of\nSochi, which is considered to be the \"Florida of Russia\", a middle class vacation spot with homes, hotels and\nresorts.\n\nMetallist Director, Alexander Kurganskiy, applauded the Agreement, stressing that it comes at an opportune time\...

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