Smoothwater Capital files circular and opposes defensive tactics of board of Genesis Land Development Corp.

TORONTO, July 30, 2013 /CNW/ - Stephen J. Griggs, Chief Executive Officer of Smoothwater Capital Corporation (Smoothwater), announced that Smoothwater has filed and mailed a dissident proxy circular dated July 29, 2013 in response to the management information circular dated July 17, 2013 previously sent to the shareholders of Genesis Land Development Corp. (Genesis) (GDC:TSX).

Smoothwater notes the announcement yesterday of the last minute adoption by the board of directors of Genesis of defensive tactics, including a "poison pill" and an advance notice bylaw, designed to preserve the status quo and entrench the positions of certain current directors on the board of Genesis.  Smoothwater believes that these defensive tactics are inappropriate, improper and interfere with fundamental rights of shareholders.

Smoothwater has sent a letter to the Special Committee of the board of Genesis on this matter, which is attached and available at www.RebuildGenesis.com.

Smoothwater intends to vigorously defend the rights of all shareholders to legally acquire and hold shares and to freely nominate directors other than the incumbents. Smoothwater has directed its legal counsel to take any and all available legal and regulatory actions to protect all shareholders from the defensive tactics being used by the Genesis board at considerable expense to all shareholders.

PDF available at: http://stream1.newswire.ca/media/2013/07/30/20130730_C2505_DOC_EN_29397.pdf

SOURCE: Smoothwater Capital Corporation

For further information:

Stephen J. Griggs
Chief Executive Officer
Smoothwater Capital Corporation
2500 - 120 Adelaide Street West
Toronto ON M5H 1T1
416.644.6582
sgriggs@smoothwatercapital.com
www.smoothwatercapital.com

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