Genesis enters unconditional agreement to acquire 319 acres in Airdrie adjacent to Genesis Canals development



    TSX Stock Symbol: GDC

    CALGARY, Sept. 5 /CNW/ - Genesis Land Development Corp. ("Genesis" or the
"Company") is pleased to announce that it has entered an unconditional
agreement to acquire a 319 acre land parcel located adjacent to the City of
Airdrie in the Municipal District of Rockyview. These lands are diagonally
adjacent to the existing Genesis Canals North development in Airdrie and are
expected to add in excess of 2,000 dwelling units to the Genesis land
inventory. The purchase price for the 319 acre property is $20,733,050
($65,000 per acre). Genesis has placed a non-refundable deposit on the lands
of $4 million, with the purchase scheduled to close on March 19, 2009 or
earlier. The acquisition of this parcel will be financed through the same
limited partnership offering as the 617 acres in Delacour (Calgary
Metropolitan Area) announced earlier this year.
    Mr. Gobi Singh, President and CEO of Genesis, had the following comment,
"We believe this acquisition of a sizable land parcel directly adjacent to our
highly successful Canals/Bayside communities is an excellent strategic fit for
Genesis. We look forward to continuing to expand our Airdrie area communities
for years to come."

    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 13,000 residential lots
and over 300 acres of commercial/industrial lands are located in the Calgary
metropolitan area.

    Certain statements in this news release could constitute forward-looking
statements. The Corporation's line of business involves risk, uncertainties
and other factors which may cause actual results, performance or achievements
of Genesis to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include the number of dwelling sites that Genesis will actually
develop and sell.





For further information:

For further information: Frank Devcich, C.F.O., Genesis Land Development
Corp., Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403) 266-0746, E-Mail:
genesis@genesisland.com, Internet: www.genesisland.com


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