Business
Genesis Land Development Corp. - Appointment of Interim Chief Operating Officer and Interim Chief Financial Officer
TSE Stock Symbol: GDC CALGARY, April 17 /CNW/ - Genesis Land Development Corp. (the "Company" or ...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nTSE Stock Symbol: GDC\n\n\nCALGARY, April 17 /CNW/ - Genesis Land Development Corp. (the "Company"\nor "Genesis") has established a Special Committee of the Board of Directors to\naddress various issues arising from a report of the Audit Committee regarding\nevents leading to the restatement of the 2008 third quarter financial\nstatements. The Special Committee's mandate includes taking actions with\nrespect to the orderly change of management positions. At a meeting held April\n15, 2009, the Special Committee resolved to terminate the employment of Mr.\nFrank Devcich, Chief Financial Officer of the Company. In light of the Audit\nCommittee findings, the Special Committee is in discussions with Mr. Gobi\nSingh, President and a Director of the Company, regarding further changes that\nwill strengthen the operations and finance functions of the Company.\n\n\nAs part of a plan to address the foregoing, the Company has appointed Mr.\nBrent Ling to act as Interim Chief Operating Officer and Mr. Dale P. Kearns to\nact as Interim Chief Financial Officer.\n\n\nMr. Ling has over 30 years of experience in the residential development\nand construction industry and was formerly the President of Elite Homes Ltd.;\nToday's Homes Inc. and Today's Communities Inc., part of the Unity Builders\nGroup of Companies. Mr. Ling was formerly President of the Canadian Home\nBuilders Association, Calgary Region and holds a diploma in Structural\nEngineering from the Southern Alberta Institute of Technology. Mr. Ling is\nalso certified as a Master Home Builder by the Professional Home Builders\nInstitute of Alberta.\n\n\nMr. Kearns is a certified management accountant and has held senior\nfinance positions with Campeau Corporation, Camdev Corporation, O&Y Properties\nCorporation and, most recently, Corsair Advisors, Inc.\n\n\nGenesis Land Development Corp. is a Calgary-based land development\ncompany with an inventory of more than 24,000 future residential building\nsites (single-family and multi-family) and over 300 acres of\ncommercial/industrial lands in Western Canada, of which more than 14,000\nresidential lots and over 300 acres of commercial/industrial lands are located\nin the Calgary metropolitan area.\n\n\nCertain statements in this news release could constitute forward-looking\nstatements. The Company's line of bu...