TSE Stock Symbol: GDC
CALGARY, Nov. 28 /CNW/ - Genesis Land Development Corp. (TSX: GDC) today announced that Mr. Ian Brown has tendered his resignation from the Company's Board of Directors for personal reasons. Mr. Brown served on the Company's Board of Directors for two years following his nomination on November 7, 2006.
Mr. Gobi Singh, President and CEO of Genesis, had the following comment: "We would like to thank Mr. Brown for his contribution over the past two years. He brought with him substantial experience which was drawn upon to assist the Corporation's goal of maximizing value for our shareholders."
Mr. Brown will be replaced on the Genesis Board of Directors by Mr. Dan Toews. Mr. Toews, an independent businessman, is a Chartered Accountant who has been on the Board of Directors of Bronco Energy Ltd. (TSX) since 2005. He is also the former Vice President, Finance and Chief Financial Officer at Peerless Energy Inc. (TSX) which was sold earlier this year and was a founder of Crescent Point Energy Ltd. (TSX).
Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 30,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/ industrial lands in Western Canada, of which more than 19,000 residential building sites 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 Corporation'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. Such factors include the number of dwelling sites that Genesis will actually develop and sell.