Support recommendation that a strong independent slate of directors be elected
TORONTO, May 18 /CNW/ - The Genesis Land Development Corp. ("Genesis" or "the Corporation") Concerned Shareholders today announced their shock and dismay in regards to the Interim Report to Shareholders issued by the Special Committee of the Board of Directors of Genesis. The Genesis Concerned Shareholders are a significant number of Genesis shareholders who represent a considerable investment in the Corporation. The Genesis Concerned Shareholders endorse the Special Committee's recommendation that a strong independent slate of directors be elected to assist with the ongoing efforts to improve governance, oversight and shareholder value at Genesis. If Genesis does not act on this recommendation, the Genesis Concerned Shareholders will put their own slate before the Annual General Meeting.
In a release issued May 17, 2010 the Special Committee made its recommendation and provided disturbing historical background regarding the purported actions of Genesis President and Chief Executive Officer, Gobi Singh.
"Along with other shareholders, I'm appalled by what was disclosed by the Special Committee. As investors, we are not involved with the day-to-day operations of our investment. Accordingly, we rely on transparent financial reporting and good governance practices to give us the information we are entitled to as shareholders," said F. Jeffrey Deacon, Managing Partner, Deacon and Company, speaking for the Concerned Shareholders. "It is clear that Gobi Singh, with his inexcusable history when it comes to transparency and good governance, needs to report into a strong, independent Board. The Genesis Concerned Shareholders demand and deserve nothing less."
The Genesis Concerned Shareholders also applaud the interim steps taken by the Special Committee to enhance governance, financial reporting, succession planning and the empowerment of the Chairman of the Board to engage a strategic financial advisor to assist in the maximization of shareholder value.
About Deacon and Company
Deacon and Company provides capital market and corporate advisory services to high-growth companies. Our competitive advantage is derived from our extensive management, investment, and operational experience. Our understanding of what is necessary to build a successful venture from the ground up, combined with our diligent process of client selection, the availability of investment capital, and a global network enable us to assist our client's efforts to maximize their equity value.
SOURCE GENESIS LAND DEVELOPMENT CORP. CONCERNED SHAREHOLDERS
For further information: For further information: F. Jeffrey Deacon, Managing Partner, Deacon and Company, (416) 350-3333; Joel Shaffer, Kingsdale Communications Inc., (416) 867-2327