TSE Stock Symbol: GDC
CALGARY, April 24 /CNW/ - Further to the press release of April 17, 2009, the Special Committee of Genesis Land Development Corp. (the "Company" or "Genesis") has resolved to terminate the employment of Mr. Gobi Singh, President and Chief Executive Officer of the Company. Mr. Singh remains a director of Genesis.
The Special Committee has appointed Mr. John Latimer to act as Interim Chief Executive Officer of the Company. It is anticipated that the Board of Directors of the Company will commence a search for a suitable permanent Chief Executive Officer immediately.
Mr. Latimer is currently Managing Director, Aldert Chemicals Ltd. (chemical distribution) and has held such position since October, 2000. Prior thereto, Mr. Latimer was the President and a Director of Monarch Development Corporation, an integrated land development and home construction company from May 1992 to May 2000.
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 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.