Genesis Board Finally Comes Clean About Their Massive Waste of Shareholder Assets

About this update from Genesis Land Development Corp.

[{"type":"text","content":"\n\n\nTORONTO, Aug. 13, 2013 /CNW/ - The chair of the special committee of\n Genesis's (TSX: GDC) board has sent another \"letter to shareholders\"\n defending their belief that they should defy the wishes of an\n overwhelming number of shareholders that want them replaced.\n\n\nThe board for the first time discloses that they have wasted \"well over $2 million\" of shareholder money on their desperate attempt to stay in control - an\n extraordinary and unbelievable sum. How much more are they willing to\n throw away?\n\n\nEntrenched Directors Offer to Resign - Why Haven't They?\n\n\nThe chair of the special committee indicates that three of the four\n entrenched directors have offered to resign if Smoothwater can find\n more qualified candidates - which we have done.  If their offer is\n valid, we demand they stop wasting shareholder money and resign immediately.  The shareholders have decided - as they have every right to do - that\n these directors should be replaced immediately. Why keep delaying the\n annual meeting when they could resign today?\n\n\nCurrent Board Is Ignoring Shareholders' Democratic Right to Elect New\n Directors\n\n\nThis board has consistently ignored and thwarted the fundamental\n principle that it is the shareholders who elect the directors, not the\n incumbent board.  They seem to disagree with a large shareholder\n exercising its legitimate right to propose an alternative board, and\n are spending large sums of shareholder money in an attempt to disallow\n most shareholders from voting their shares.\n\n\nAs of today, an overwhelming number of shareholders have voted the BLUE proxy endorsing Smoothwater's director nominees.  The unelected\n incumbents should resign as they have promised, and not waste more\n shareholder money.\n\n\nThe Board Did Not \"Compromise\"\n\n\nThe entrenched directors now claim that they \"compromised\" and added a\n number of directors to appease Smoothwater.  This is false.\n\n\nThe only person associated with Smoothwater on the incumbent slate is\n Stephen Griggs, CEO of Smoothwater. Iain Stewart was recommended to the\n board by a current board member, and not by Smoothwater, and is in no\n way associated with Smoothwater.  All of the directors nominated by\n Smoothwater are \"independent\" as defined by Canadian securities laws. \n In f...

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