TSX Stock Symbol: GDC
CALGARY, May 11 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) is pleased to announce that it has now completed the closing of a $35 million land sale of +/- 147 acres of fully approved lands in North Calgary which was previously announced on December 9, 2009 and on April 20, 2010.
From the $35 million in proceeds, Genesis has received $10 million which will be used to pay down the Corporation's debt. For the remaining $25 million of proceeds from this sale, Genesis has extended a $25 million vendor take back mortgage ("VTB") to the purchaser due on September 30, 2010. The Management of Genesis intends to apply the proceeds from the VTB towards the Corporation's debts when the funds are received.
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 due date for the $25 million VTB, whether the VTB is ultimately collectible and whether all the funds from the VTB are applied to debt repayments, and 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 www.sedar.com. 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."
SOURCE Genesis Land Development Corp.
For further information: For further information: Gobi Singh C.E.O., Genesis Land Development Corp., Tel: (403) 265-8079, Toll Free: 1-800-341-7211, Fax: (403) 266-0746, E-Mail: firstname.lastname@example.org, Internet: www.genesisland.com