(TSX: GDC)
CALGARY, May 14 /CNW/ - Genesis Land Development Corp. (the "Corporation") (TSX: GDC) today announced that the cease trade orders issued by the securities commissions or equivalent in Alberta, British Columbia, Manitoba and Ontario in respect of the Corporation (collectively, the "CTOs"), were fully revoked by applicable securities regulatory authorities on or before May 14, 2009. The CTOs were issued in connection with the Corporation's delay in filing its audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2008. The Corporation filed such documents on April 30, 2009, which are available for viewing at www.sedar.com.
As a result, the Corporation's common shares have been reinstated for trading on the Toronto Stock Exchange.
About Genesis Land Development Corp.
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. Such factors include the date on which the Toronto Stock Exchange reinstates the Corporation for trading, the number of dwelling sites that Genesis will actually develop and sell and Genesis' ability to collect amounts owing from lot purchasers. Those risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.