Business
Genesis Announces Receipt of $25 Million of Sales Proceeds
Genesis Announces Receipt of $25 Million of Sales Proceeds
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n Oct. 4, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nGenesis Land Development Corp. TSE Stock Symbol: GDC\n\nCALGARY, Oct. 4 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) is pleased to announce that it has received payment in full in respect of a $25 million vendor take back mortgage ("VTB") it was due as part of a $35 million land sale in North Calgary as previously announced on May 11, 2010 and for which, $10 million was initially received on closing. With the settlement of the VTB, all amounts in respect of the $35 million sale have been collected.\nMr. Gobi Singh, President and CEO of Genesis, confirms that the proceeds from the VTB have been applied towards the Corporation's debts.\n\nGenesis 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.\n\nCautionary Statement Regarding Forward-Looking Information\n\n"This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), such as the number of dwelling sites that Genesis will actually develop and sell. Althou...