TSE Stock Symbol: GDC
CALGARY, June 8, 2012 /CNW/ - Genesis Land Development Corp. ("Genesis"
or the "Corporation") confirms that the Alberta Securities Commission
("ASC") has dismissed all allegations it made against the Corporation's
Chief Financial Officer, Simon Fletcher. The allegations arose from a
restatement of Genesis' September 30, 2008 quarterly financial
statements when Mr. Fletcher was the Corporation's controller. The
decision brings to a close an unfortunate chapter in Genesis' history
and can be viewed in its entirety on the ASC's website at www.albertasecurities.com.
Genesis also wishes to advise that its home building division, Genesis
Builders Group ("GBG") has closed the sale of 27 homes and is in
various stages of construction on an additional 71 new homes that are
under contract and scheduled to close in 2012. GBG has also commenced
construction on the Saffron, a 29 unit town-home complex in Saddlestone
and the first 12 of 46 Brownstone town-home units in Sage Meadows.
Both communities are in Calgary.
The land division has commenced the servicing of a combined 299 lots in
Canals phase 6 in Airdrie and Saddlestone phase 6 in Calgary. The
servicing is expected to be completed in late 2012 and lots available
for sale in either 2012 or early 2013. There are an additional 126 lots
expected to be completed in the Kinwood joint venture in the fall of
2012, of which, Genesis has a 50% interest. Servicing is continuing on
the SageHill Crossing commercial site and the corporation is
considering offers on additional parcels within the site.
Genesis has sold 159 lots and collected payouts on the closing of 107
lots previously sold. The corporation has also entered into a
conditional sale on a Calgary multi-family site and is reviewing 2
offers on a second Calgary multi-family site, all of which are in
addition to the multi-family site previously sold through a Joint
Venture. It also entered into a conditional sale on a small commercial
site in Airdrie through a Limited Partnership in which the
Corporation's effective interest is about 20%. If conditions are
waived, all the conditional sales are expected to close in 2012.
Genesis is a Calgary based land development Corporation and residential
home builder with land holdings in Alberta and British Columbia. Its
active operations are located primarily in the Calgary metropolitan
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: firstname.lastname@example.org Internet: www.genesisland.com