Genesis Land Development Corp. Announces $9.0 million Sale of Non-Core Lands

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[{"type":"text","content":"\n\n\n\nGenesis Land Development Corp. Announces $9.0 million Sale of Non-Core Lands\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 3, 2017\n\n\n\nCALGARY, March 3, 2017 ­/CNW/ - Genesis Land Development Corp. (\"Genesis\") (TSX:GDC) is pleased to announce that it has entered into an unconditional agreement with an arms-length third party for the sale of +/- 1,477 acres of unentitled, undeveloped non-core lands owned by Genesis near the Hamlet of Delacour, Alberta.  The purchase price of the lands is $9,000,000 and closing is scheduled for May 1, 2017. Genesis has received a deposit of $500,000 and expects to receive the remaining sale proceeds on closing. \n\n\"This sale substantially completes our plan to dispose of the non-core lands owned by Genesis, with the bulk of non-core assets by dollar value having been sold or contracted for sale,\" said Stephen Griggs, Chair and interim CEO. \"We have now monetized most of our non-core assets, as we continue to focus on generating value from our Calgary area development lands and our home building business\".\n\nAbout Genesis \n\nGenesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX: GDC).\nSOURCE Genesis Land Development Corp.\n\n\n\nTo view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2017/03/c1721.html\n\n\n\n\nContact Information: Stephen J. Griggs, Interim Chief Executive Officer, 7315 - 8 Street NE Calgary AB T2E 8A2, P: 403-265-8079, Email: [email protected], Website: www.genesisland.comCopyright CNW Group 2017","length":2819,"tagName":"div"}]

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