Business
Special Committee of Genesis Land Development Corp. releases Interim Report to Shareholders
Special Committee of Genesis Land Development Corp. releases Interim Report to Shareholders
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\n May 17, 2010 (Canada NewsWire Group) -- In response to requests from numerous shareholders of Genesis Land Development Corp. ("Genesis") and in light of the upcoming Annual General Meeting of Shareholders, the Special Committee has issued the attached Interim Report to Shareholders (the "Interim Report"). In summary, the Interim Report recommends that a strong independent slate of directors be elected at the upcoming annual and special meeting of shareholders of Genesis to assist with the ongoing efforts to improve governance, oversight and shareholder value.\nIn this regard, the Special Committee expects to work with the Corporate Governance Committee (which is constituted with the same directors) to consider an appropriate slate of candidates for the Annual General Meeting set to take place on June 29, 2010.\nIn the interim, the Special Committee has taken immediate actions to strengthen the governance, financial reporting and succession planning of Genesis. Among other actions, the Special Committee has empowered the Chairman of the Board of Directors to engage a strategic financial advisor(s) for the purpose of maximizing shareholder value.\nShareholders have the right to a corporation dedicated to the enhancement of shareholder value. The Special Committee will continue to keep shareholders apprised of developments, its recommendations and further actions.\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-family and multi-family) and over 1,000 acres of commercial/industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas. The Special Committee of the board has a broad mandate and is composed of Mr. Keith Ferrel, Mr. Kevin Reed and Mr. Akhil Manro.\n\n\n >\n\n\nThe Special Committee of the Board of Directors ("Special Committee") of Genesis Land Development Corp. ("Genesis" or the "Corporation") was constituted for purposes of receiving a report prepared by the Audit Committee dated April 14, 2009 (the "Interim Report") which reviewed certain corporate transactions and...