Business
Genesis to Seek Court Order Against Smoothwater Capital
CALGARY , Aug. 2, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the " Compan...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 2, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Company\" or \"Genesis\") announced that the Company is seeking an order from the Court of\n Queen's Bench of Alberta (the \"Court\") in respect of Smoothwater Capital Corporation, Liberty Street Capital\n Corp., Garfield Mitchell, Mark Mitchell, and Edwin Nordholm (the \"Respondents\"), and their alleged violations of the Alberta Securities Act (the \"Securities Act\").\n\n\nIn its application, Genesis alleges that the Respondents, who\n collectively own approximately 34% of Genesis' shares, have worked\n jointly or in concert with each other to acquire shares in Genesis with\n the goal of having their dissident slate of directors elected and\n taking control of the board.\n\n\nGenesis further alleges that the Respondents failed to provide full,\n complete and accurate disclosure in accordance with their respective\n obligations under the Securities Act.\n\n\nIt is the Company's view that full disclosure of the Respondents' share\n ownership and intentions regarding such ownership is necessary to\n inform the Company's shareholders in making their investment\n decisions.  A failure to adequately disclose such intentions would\n represent a violation of securities laws and could have a direct impact\n on the outcome of the upcoming shareholders meeting.\n\n\nAs this matter will be before the Court, the Company will update\n shareholders on further developments when permitted and appropriate.\n\n\nAbout Genesis Land Development Corp. \nGenesis is a Calgary-based real estate development corporation engaged\n in the acquisition, development, and sale of land, residential lots and\n homes in Alberta and British Columbia. All business activities of the\n Company are conducted in Western Canada, with development lands held\n primarily in and around the cities of Calgary and Airdrie. With a\n diversified and substantial land base, the Company is well positioned\n to focus on developing those projects that offer the best return in the\n market going forward.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n adequacy or accuracy of this news release. This news release may\n contain assumptions, estimates, and other forward-looking statements\n regarding future events. Such forward-looking statements involve\n inherent risk...