The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

Genesis Board Members Agree to Discuss Board Slate Process

Tuesday, May 25, 2010

Genesis Board Members Agree to Discuss Board Slate Process16:05 EDT Tuesday, May 25, 2010CALGARY, May 25 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) advises that directors of the Corporation have agreed to take steps this week to resolve the differences of view that have arisen over the past ten days, as evidenced by the news releases they have issued last week, yesterday evening and this morning. These discussions will be focused on establishing a mechanism to achieve the shared goal of presenting a slate of highly qualified independent director candidates to the shareholders.Genesis Land Development Corp. is a Calgary based land development company with an estimated inventory of more than 28,000 future residential building sites (single-family and multi-family) and over 1,000 acres of commercial/industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas.Cautionary Statement Regarding Forward-Looking Information"This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including the estimated the number of dwelling sites that Genesis will actually develop and sell. Although Genesis believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to Genesis. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement."For further information: Gobi Singh, Director and C.E.O., Phone: (403) 265-8079, Toll Free: 1-800-341-7211, Fax: (403) 266-0746, Email:, Internet:; Kevin Reed, Chairman of the Board of Directors, Phone: (403) 991-1455, Email: