TSE Stock Symbol: GDC
CALGARY, May 27 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) is pleased to announce the resolution to the issues among its directors regarding various governance matters. Mr. Doug Baker has been appointed to the board by unanimous consent of the directors. Mr. Baker is a Calgary-based independent businessman and corporate director with more than 30 years experience in the oil and gas industry. He is also a Fellow of the Institute of Chartered Accountants. During his career Mr. Baker has served as the CFO for six public oil and gas companies and currently serves on the board or chairs the audit committees of several companies including ATB Financial, True Energy Trust, Winstar Resources Ltd., Orleans Energy Ltd., Century Energy Ltd. and Martin Head Oil & Gas Ltd. He also manages a private investment fund and is involved with several non-profit boards.
The board has tentatively determined the slate of directors they will be proposing for election at the upcoming annual shareholder meeting, to be held on June 29, 2010. The board expects that the slate will be comprised of the current five directors, plus Mr. Mark Mitchell, of Vancouver and Mr. Elias Foscolos, of Calgary. It is expected that Messrs Reed and Ferrel will transition off of the board over the next year following the annual shareholder meeting, as previously announced.
The board of directors of Genesis now consists of Mr. Baker, who has been appointed as Chairman of the Audit Committee, as well as Kevin Reed, Chairman, Gobi Singh, CEO, Keith Ferrel and Akhil Manro. Gobi Singh, CEO of the Corporation commented, "I and the rest of the board are pleased to welcome Doug Baker to our board. He is a well-respected and experienced independent businessman who is just the kind of person we need to help us to keep things rolling in a positive and professional manner. We all look forward to working together with Doug." Kevin Reed, Chairman of the Board stated, "This is a great resolution to the issues we have been grappling with these past few weeks. I would like to thank Mr. Wesley J. Hall for his valuable contributions to this process and helping the Corporation move forward. The nomination of these new directors is consistent with the Corporation's ongoing commitment to strengthening its corporate governance through an independent and experienced board of directors with enhanced financial expertise."
The board of directors confirmed that it intends to send a management information circular to shareholders in the next short while in respect of the June 29, 2010 annual shareholder meeting.
SOURCE Genesis Land Development Corp.
For further information: For further information: Gobi Singh, C.E.O., Phone: (403) 265-8079, Toll Free: 1-800-341-7211, Fax: (403) 266-0746, Email: email@example.com, Internet: www.genesisland.com; Kevin Reed, Chairman of the Board of Directors, Phone: (403) 991-1455, Email: firstname.lastname@example.org