TSE Stock Symbol: GDC
CALGARY, April 17 /CNW/ - Genesis Land Development Corp. (the "Company"
or "Genesis") has established a Special Committee of the Board of Directors to
address various issues arising from a report of the Audit Committee regarding
events leading to the restatement of the 2008 third quarter financial
statements. The Special Committee's mandate includes taking actions with
respect to the orderly change of management positions. At a meeting held April
15, 2009, the Special Committee resolved to terminate the employment of Mr.
Frank Devcich, Chief Financial Officer of the Company. In light of the Audit
Committee findings, the Special Committee is in discussions with Mr. Gobi
Singh, President and a Director of the Company, regarding further changes that
will strengthen the operations and finance functions of the Company.
As part of a plan to address the foregoing, the Company has appointed Mr.
Brent Ling to act as Interim Chief Operating Officer and Mr. Dale P. Kearns to
act as Interim Chief Financial Officer.
Mr. Ling has over 30 years of experience in the residential development
and construction industry and was formerly the President of Elite Homes Ltd.;
Today's Homes Inc. and Today's Communities Inc., part of the Unity Builders
Group of Companies. Mr. Ling was formerly President of the Canadian Home
Builders Association, Calgary Region and holds a diploma in Structural
Engineering from the Southern Alberta Institute of Technology. Mr. Ling is
also certified as a Master Home Builder by the Professional Home Builders
Institute of Alberta.
Mr. Kearns is a certified management accountant and has held senior
finance positions with Campeau Corporation, Camdev Corporation, O&Y Properties
Corporation and, most recently, Corsair Advisors, Inc.
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 14,000
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 Company'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 and Genesis' ability to collect amounts owing from lot
purchasers. Those risks and uncertainties are more fully described in
regulatory filings that can be obtained on SEDAR at www.sedar.com.
For further information:
For further information: Dale Kearns, Genesis Land Development Corp.,
Phone: (403) 265-8079, Toll free: 1-800-341-7211, Fax: (403) 266-0746, E-Mail:
email@example.com, Internet: www.genesisland.com