Press release from CNW Group
JUPITER ACQUISITION LTD. AGREEMENT TO PURCHASE GENESIS SHARES HAS LAPSED
Tuesday, June 07, 2011
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./
TSE Stock Symbol: GDC
CALGARY, June 7, 2011 /CNW/ - Genesis Land Development Corp. ("Genesis") announces that the April 5, 2011 Letter Agreement (see Press Release dated April 7, 2011) between Genesis and Jupiter Acquisition Ltd. ("Jupiter") has terminated due to certain conditions to complete the transaction not being satisfied or waived on or before 4:30 p.m. on June 7, 2011.
The Special Committee, which was established to evaluate and oversee the Jupiter transaction and is comprised of independent members of Genesis's Board of Directors, will consider initiating a process to explore and consider possible strategic alternatives for enhancing shareholder value, including a possible sale of the Corporation to Jupiter or another party. Genesis has not set a definitive timetable for completion of its evaluation and there can be no assurance that this process will lead to the approval or completion of any definitive agreement or other transaction. Genesis does not intend to disclose developments regarding this process unless and until its Board of Directors retains a financial advisor to assist and advise in this process or approves a specific transaction or otherwise concludes the review of strategic alternatives
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 24,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/ industrial lands in Western Canada, of which more than 14,000 residential lots and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Cautionary Statement Regarding Forward-Looking Information
"This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements") within the meaning of applicable securities legislation concerning the initiating of a process to explore and consider possible strategic alternatives for enhancing shareholder value including the possible sale of Genesis. Forward-looking statements include, but are not limited to, statements relating to initiating of a process to explore and consider possible strategic alternatives for enhancing shareholder value, the possible sale of Genesis to Jupiter or other party and retaining a financial advisor or approval of a specific transaction. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that Genesis will not initiate a process to consider strategic alternatives and any sale of Genesis will not be under taken or if undertaken successfully completed for any reason and other risks and factors described from time to time in the documents filed by Genesis with the securities regulators in Canada available at www.sedar.com., including the Annual Information Form under the heading "Risk Factors" and in Genesis' most recent interim report under the heading "Management's Discussion and Analysis.". Although Genesis believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Genesis to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise."
Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
For further information:
Gobi Singh, C.E.O., Genesis Land Development Corp.
Simon Fletcher, C.F.O, Genesis Land Development Corp.
Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403) 266-0746
E-Mail: firstname.lastname@example.org Internet: www.genesisland.com