TSX Stock Symbol: GDC
CALGARY, May 22 /CNW/ - Mr. John Latimer, Mr. Dan Toews and Mr. Gerald
Albert, all directors of Genesis Land Development Corp. ("Genesis" or the
"Corporation"), have resigned as directors of the Corporation effective May
Messrs. Latimer, Toews and Albert have spent significant time on the
affairs of the Corporation over the last six months and after consultation
with Mr. Gobi Singh, Messrs. Latimer, Toews and Albert have concluded that a
transition of the Board of Directors is appropriate at this time in order that
the Corporation can focus on execution of its strategic plan and address the
challenges created by current market conditions.
Accordingly, the Board of Directors, including Mr. Gobi Singh, have
completed a search for three new independent directors and are pleased to
announce that Mr. Keith Ferrel, Mr. Akhil Manro and Mr. Kevin Reed have agreed
to join the Board of Directors of Genesis to fill the vacancies created by the
resignations of Messrs. Latimer, Toews and Albert.
Mr. Latimer has also resigned as interim Chief Executive Officer and the
new Board of Directors has confirmed the appointment of Mr. Gobi Singh as
President and Chief Executive Officer of the Corporation.
Mr. Keith Ferrel holds a B.Sc. from the University of Calgary and is a
Chartered Accountant. Mr. Ferrel is currently President and Chief Executive
Officer of the Hillsboro group of companies. Mr. Ferrel was previously a
director of CPI Crown Properties International Corporation, a company listed
on The Toronto Stock Exchange. Mr. Ferrel will also serve as Chairman of the
Audit Committee of Genesis.
Mr. Akhil Manro holds a B.Sc. from the University of Calgary and an MBA
from NOVA Southeastern University. Mr. Manro has held a variety of positions
with major Canadian banks and is currently a commercial mortgage associate
with Westcor Mortgages.
Mr. Kevin Reed holds a B.A. from the University of Ottawa and is
currently the Vice-Chairman of Grey Horse Corporation and Chairman of Equity
Transfer & Trust Company. Mr. Reed has held senior positions with various
public companies in Canada including GA Capital Corp. and TayCon Capital
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. These
risks and uncertainties are more fully described in regulatory filings that
can be obtained on SEDAR at www.sedar.com. We seek safe harbour.
For further information:
For further information: Gobi Singh, 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