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