CALGARY, April 13 /CNW/ - Genesis Land Development Corp. (the "Company"
or "Genesis") announces that a cease trade order was issued by the Alberta
Securities Commission on April 13, 2009 as the Company has not filed its
financial statements, management discussion and analysis and annual
information form for the year ended December 31, 2008 within the regulated
timeframe. As a result, trading in the common shares of the Company was halted
on the Toronto Stock Exchange at market open today.
The Company anticipates filing the required financial statements this
week and will concurrently apply for a revocation of the cease trade order.
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. Such
factors include the number of dwelling sites that Genesis will actually
develop and sell and Genesis' ability to collect amounts owing from lot
For further information:
For further information: Frank Devcich, 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