Business
Genesis Announces $13.8 Million Sale of Lots, Annexation of Certain LPLP Lands and Conclusion of Consulting Arrangement
T SE Stock Symbol:   GDC CALGARY, April 11, 2012 /CNW/ - Genesis Land Develo...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n\n\nTSE Stock Symbol:  GDC\n\n\nCALGARY, April 11, 2012 /CNW/ - Genesis Land Development Corp.\n (\"Genesis\" or the \"Corporation\") announced today that it has\n successfully completed a $13.8 million sale for 71 recently completed\n lots in Phases 3 and 4 of its Calgary community of Saddlestone under\n normal terms and conditions.  Phases 3 and 4 contain 132 lots.  Of the\n remaining lots, 47 have been retained by Genesis' internal builder, and\n 14 have been held in reserve for future sales.\n\n\nAnnexation of lands:\n\n\nGenesis also confirms that 319 acres of raw land originally purchased\n for $20.7 million and held by Limited Partnership Land Pool (2007)\n (\"LPLP\") have been annexed into the City of Airdrie on March 24, 2012. \n Annexation into the City of Airdrie enhances the likelihood that these\n lands can be developed in the future.  Pursuant to a management\n agreement dated June 29, 2007 and assuming a minimum 50% return to LPLP\n investors, Genesis can either acquire these lands at a discount or\n participate in the profits if sold.\n\n\nConsulting Arrangement:\n\n\nThe consulting arrangement Genesis entered into with its former CEO,\n Gobi Singh, as previously announced on November 30, 2011, concluded on\n March 31, 2012.   Genesis is thankful to Mr. Singh for his assistance\n during the transition period, and wishes him well in all his future\n endeavours.\n\n\nAbout Genesis:\n\n\nGenesis is a Calgary based land development company and residential home\n builder with land holdings in Alberta and British Columbia.  Its active\n operations are located primarily in the Calgary metropolitan area.\n\n\nCautionary Statement Regarding Forward-Looking Information\n\n\nCertain statements herein may be \"forward looking\" statements that\n involve known and unknown risks, uncertainties and other factors that\n may cause the actual results, performance or achievements of Genesis or\n the industry to be materially different from any future results,\n performance or achievements expressed or implied by such forward\n looking statements. Forward looking statements involve significant\n risks and uncertainties, should not be read as guarantees of future\n performance or results, and will not necessarily be accurate\n indications of whether or not such results will be achieved. A nu...