Business
Genesis Land Development Corp. board of directors provides update
Genesis Land Development Corp. board of directors provides update
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n May 25, 2010 (Canada NewsWire Group) -- \n\n >\n\n (TSX:GDC) - On Thursday, May 20, 2010, a meeting of the board of directors of Genesis Land Development Corp. ("Genesis") was adjourned to Saturday, May 22, 2010, as a result of a lack quorum due to directors Gobi Singh and Akhil Manro not attending. Messrs. Singh and Manro did not attend the adjourned meeting, where the board of directors took decisive actions to ensure the implementation of the Corporate Governance Committee's recommendation for an independent board to be presented to shareholders at the upcoming annual general meeting of Genesis. In this regard, the board of directors is pleased to announce the following:\n\n\n >\n\n\nFinally, the board is pleased to let you know that the Corporate Governance Committee has been interviewing highly qualified independent candidates for the slate of directors it intends to propose to the Board of Directors. With the appointment of a fifth director, the independent directors can at least be sure that a gridlock on the board will not occur.\nThis impasse with Mr. Gobi Singh is very disappointing to Messrs. Reed, Ferrel and Hall. This past Thursday, the Chairman of the board offered Mr. Singh a guarantee of his board seat and that the two independent directors spearheading this effort, Messrs. Reed and Ferrel, would transition off the board once an independent board was in place. This proposal was intended to send a clear message that no alternative agenda exists. To be clear, the independent board members (who came in after the entire board of directors resigned in 2009) have absolutely nothing to gain from this effort other than ensuring that they are undertaking their fiduciary duties, prior to their departure, to the best of their capabilities. Their efforts have been met by intimidating letters from Mr. Singh's lawyers, assertions that the Special Committee does not exist and now assertions that the board's independent and legitimate actions are somehow unauthorized. The independent board members would like to thank shareholders who have expressed their support for this effort during this difficult time.\n\nAbout Genesis Land Development Corp.:\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...