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GWO is Now GWOW.

The New York Stock Exchange, where coil-processing-equipment builder Genesis Worldwide Inc. used to be listed, has a minimum listing standard. It dictates that a corporation maintain both total stockholders' equity and global market capitalization of at least $50-million.

The company couldn't maintain that minimum, and so as of June 5th its stock instead is traded on an over-the-counter (OTC) basis, with investment banker ING Barings making the market.

The company, originally called Monarch Machine Tool, started moving out of the machine-tool business three years ago with the sale of its huge old lathe plant in Sidney, Ohio. After it acquired roll-coating supplier CFG and coil-equipment builder Herr-Voss to supplement its Stamco division, it announced last summer it would change its name to Genesis Worldwide. But the cost of those acquisitions significantly increased debt. Management had hoped that proceeds from the sale of its machining-center plant in Cortland, N.Y., now doing business with the old Monarch Machine Tool name, would inject better liquidity and help capitalization. Most all of the $7.74-million received in February from the sale of the machine-tool division went to repay term loans.

The new over-the-counter bulletin board symbol for Genesis Worldwide Inc. common stock is GWOW. Going to the regulated quotation service ensures that the transition from the big board is "as seamless as possible," president and CEO Richard E. Clemens says in a statement. The financial-markets move is expected to have little effect on the day-to-day operations of the business.


Genesis Worldwide Inc., Dayton, Ohio. 937-910-9300.
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Publication:Metalworking Insiders' Report
Geographic Code:1USA
Date:Jun 1, 2000
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