CALGARY, Feb. 21, 2012 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation")
announces that its Board of Directors has concluded the strategic
alternatives process that was commenced on June 20, 2011. A Special
Committee of independent members of Genesis' Board of Directors
conducted a thorough review of the strategic alternatives available to
the Corporation including consideration of corporate transactions. The
process did not result in a transaction adequately reflecting value.
The Special Committee determined that it is in the best interest of
Genesis' shareholders to terminate the process.
The Board of Directors and Management will focus on enhancing
shareholder value through streamlining the Corporation's structure and
operations, improving cash flows and the strategic divestiture of
Genesis is a Calgary based land development company and residential home
builder with land holdings in Alberta and British Columbia. Its active
operations are located primarily in the Calgary metropolitan area.
Cautionary Statement Regarding Forward-Looking Information
Certain statements herein may be "forward looking" statements that
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of Genesis or
the industry to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. Forward looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not such results will be achieved. A number
of factors could cause actual results to vary significantly from the
results discussed in the forward looking statements. These forward
looking statements reflect current assumptions and expectations
regarding future events and operating performance and are made as of
the date hereof and Genesis assumes no obligation, except as required
by law, to update any forward looking statements to reflect new events
SOURCE Genesis Land Development Corp.
For further information:
Jeff Blair, C.E.O., Genesis Land Development Corp.
Simon Fletcher, C.F.O, Genesis Land Development Corp.
Toll Free: (403) 265-8079, 1-800-341-7211, Fax: (403) 266-0746
E-Mail: email@example.com Internet: www.genesisland.com