CALGARY, May 20 /CNW/ - (TSX:GDC) The Corporate Governance Committee of Genesis Land Development Corp. ("Genesis" or the "Company") met today and determined that it will act on the recommendation of the Special Committee of the board of directors and identify, for approval by the board, an independent slate of directors for the upcoming annual general meeting of the Company.
In the interim, the Corporate Governance Committee approved the addition of one independent director to the board of Genesis in order to break the current grid-lock of a four member board led by a chairman without a casting vote. The Committee authorized Mr. Kevin Reed, Chairman of the Board, to confer with shareholders and to select an appropriate candidate to be brought before the board of directors for approval.
About Genesis Land Development Corp.:
Genesis Land Development Corp. is a Calgary based land development company with an estimated inventory of more than 28,000 future residential building sites (single-family and multi-family) and over 1,000 acres of commercial/ industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas. The Corporate Governance Committee of the board is composed of Mr. Keith Ferrel, Mr. Kevin Reed and Mr. Akhil Manro.
SOURCE Genesis Land Development Corp.
For further information: For further information: Mr. Kevin Reed, Chairman of the Board of Directors, Phone: (403) 991-1455, Email: firstname.lastname@example.org