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TSE Stock Symbol: GDC
CALGARY, Sept. 26, 2011 /CNW/ - At the request of the Toronto Stock
Exchange ("TSX"), Genesis Land Development Corp. (TSX-GDC), ("Genesis"
or the "Company") confirms that the Company's former President, Chief
Executive Officer and director, Gobi Singh resigned as an officer and
director of Genesis on August 29, 2011 pursuant to the terms of a
Settlement Agreement and Undertaking ("SAU") reached with the Alberta
Securities Commission ("ASC") arising from a re-statement of Genesis'
September 30, 2008 quarterly financial statements ("the
re-statement"). Under the SAU, Mr. Singh has agreed to a 7 year ban
from acting as an officer and director. The SAU was released on
September 1, 2011 and can be viewed in its entirety on the ASC website
The ASC staff alleges that Simon Fletcher, a controller at the time of
the restatement, and now the Company's Chief Financial Officer, acted
contrary to the public interest. These allegations are in connection to
the restatement and are currently the subject of a hearing at the ASC.
The hearing concludes at the end of September 2011, but the timing of a
decision is currently unknown.
The Company was not named as a respondent in any of the above
The Company is currently considering retaining Mr. Singh with respect to
a possible consulting arrangement during a transition period. The TSX
has asked to review and approve the proposed terms of any arrangement
with Mr. Singh.
About Genesis Land Development Corp.
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.
Cautionary Statement Regarding Forward-Looking Information
"This press release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements") within the meaning of applicable securities legislation
concerning forward-looking statements include, but are not limited to,
statements relating to entering into a contract with Mr. Singh, and the
number of sites Genesis will realize from its land holdings. Actual
results and developments may differ materially from those contemplated
by these statements depending on, among other things, other risks and
factors described from time to time in the documents filed by Genesis
with the securities regulators in Canada available at www.sedar.com, including the Annual Information Form under the heading "Risk Factors"
and in Genesis' most recent interim report under the heading
"Management's Discussion and Analysis.". Although Genesis believes
that the anticipated future results, performance or achievements
expressed or implied by the forward-looking statements are based upon
reasonable assumptions and expectations, the reader should not place
undue reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Genesis to differ materially from anticipated future results,
performance or achievement expressed or implied by such forward-looking
statements. Furthermore, the forward-looking statements contained in
this press release are made as of the date of this press release and,
except as required by applicable law, Genesis does not undertake any
obligation to publicly update or to revise any of the forward-looking
statements, whether as a result of new information, future events or
SOURCE Genesis Land Development Corp.
For further information:
Jeff Blair, C.O.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