Business
Genesis announces completion of performance on $35 Million land sale
Genesis announces completion of performance on $35 Million land sale
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Apr. 20, 2010 (Canada NewsWire Group) -- /CNW/ -- Genesis Land Development Corp. (\"Genesis\" or the \"Corporation\") (TSX:GDC) is pleased to announce that it has completed the sub-division plan for the $35 million sale of +/- 147 acres of fully approved lands in North Calgary previously announced on December 9, 2009 and that this sale is now unconditional. Genesis and the purchaser are currently in the processing of closing the transaction.Under the terms of the agreement, Genesis will receive $10 million on closing, and $25 million is due September 30, 2010. All proceeds are anticipated to be paid towards the Corporation's debts.Genesis intends to continue to pay down its debts throughout 2010. Management is currently investigating various options with respect to divesting Genesis of certain land assets as it is Management's intent to continue to strengthen the balance sheet of Genesis through debt retirement, particularly land acquisition loans.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.Cautionary Statement Regarding Forward-Looking InformationThis press release contains certain statements which constitute forward-looking statements or information (\"forward-looking statements\"), including, the collectability of the $25 million receivable, management's intent with respect to repayment of the Corporation's debt, the land sales being investigated, the evaluation of the NCIB, the number of dwelling sites that Genesis will actually develop and sell. Although Genesis believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to Genesis. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or e...