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TSX Stock Symbol: GDC
CALGARY, May 22 /CNW/ - Mr. John Latimer, Mr. Dan Toews and Mr. Gerald Albert, all directors of Genesis Land Development Corp. ("Genesis" or the "Corporation"), have resigned as directors of the Corporation effective May 21, 2009.
Messrs. Latimer, Toews and Albert have spent significant time on the affairs of the Corporation over the last six months and after consultation with Mr. Gobi Singh, Messrs. Latimer, Toews and Albert have concluded that a transition of the Board of Directors is appropriate at this time in order that the Corporation can focus on execution of its strategic plan and address the challenges created by current market conditions.
Accordingly, the Board of Directors, including Mr. Gobi Singh, have completed a search for three new independent directors and are pleased to announce that Mr. Keith Ferrel, Mr. Akhil Manro and Mr. Kevin Reed have agreed to join the Board of Directors of Genesis to fill the vacancies created by the resignations of Messrs. Latimer, Toews and Albert.
Mr. Latimer has also resigned as interim Chief Executive Officer and the new Board of Directors has confirmed the appointment of Mr. Gobi Singh as President and Chief Executive Officer of the Corporation.
Mr. Keith Ferrel holds a B.Sc. from the University of Calgary and is a Chartered Accountant. Mr. Ferrel is currently President and Chief Executive Officer of the Hillsboro group of companies. Mr. Ferrel was previously a director of CPI Crown Properties International Corporation, a company listed on The Toronto Stock Exchange. Mr. Ferrel will also serve as Chairman of the Audit Committee of Genesis.
Mr. Akhil Manro holds a B.Sc. from the University of Calgary and an MBA from NOVA Southeastern University. Mr. Manro has held a variety of positions with major Canadian banks and is currently a commercial mortgage associate with Westcor Mortgages.
Mr. Kevin Reed holds a B.A. from the University of Ottawa and is currently the Vice-Chairman of Grey Horse Corporation and Chairman of Equity Transfer & Trust Company. Mr. Reed has held senior positions with various public companies in Canada including GA Capital Corp. and TayCon Capital Corporation.
Genesis Land Development Corp. is a Calgary-based land development company with an inventory of more than 24,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/industrial lands in Western Canada, of which more than 14,000 residential lots and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.
Certain statements in this news release could constitute forward-looking statements. The Company's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of Genesis to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com. We seek safe harbour.