Genesis removes conditions on agreement to acquire 1,476 acres in Calgary metropolitan area

    TSX Stock Symbol: GDC

    CALGARY, Aug. 23 /CNW/ - Genesis Land Development Corp. ("Genesis" or the
"Company") is pleased to announce that it has removed conditions on an
agreement to acquire a 1,476 acre land parcel located adjacent to the hamlet
of Delacour. These lands directly border the 617 acre land parcel acquisition
announced on July 3, 2007 (of which 320 acres are within the Delacour Area
Structural Plan). The purchase price for the 1,476 acre property is
$30,258,000 ($20,500 per acre). Genesis has placed a non-refundable deposit on
the lands of $1 million, with the purchase scheduled to close on July 31,
2008. The acquisition of this parcel will be financed fully by Genesis, unlike
the 617 acre parcel which is being financed through a limited partnership
offering. The two separate Delacour transactions will add 2,093 acres of land
to the Genesis land inventory at a total cost of $61,643,500 ($29,452 per
    Mr. Gobi Singh, President and CEO of Genesis, had the following comment,
"This is a very significant transaction for our Company and we are pleased to
be able to add such a large land parcel at attractive prices. The acquisition
of nearly 2,100 acres of contiguous lands from these two separate transactions
in Delacour will nearly double the size of our Calgary Metropolitan Area land
base. The size of these combined acquisitions will also allow Genesis to
adhere to its corporate philosophy of comprehensively planned and fully
integrated residential and commercial developments."

    Genesis Land Development Corp. is a Calgary based land development
company with an inventory (prior to the Delacour acquisitions) 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 13,000 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 Corporation'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.

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:, Internet:

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