TSE Stock Symbol: GDC
CALGARY, April 17 /CNW/ - Genesis Land Development Corp. (the "Company" or "Genesis") has established a Special Committee of the Board of Directors to address various issues arising from a report of the Audit Committee regarding events leading to the restatement of the 2008 third quarter financial statements. The Special Committee's mandate includes taking actions with respect to the orderly change of management positions. At a meeting held April 15, 2009, the Special Committee resolved to terminate the employment of Mr. Frank Devcich, Chief Financial Officer of the Company. In light of the Audit Committee findings, the Special Committee is in discussions with Mr. Gobi Singh, President and a Director of the Company, regarding further changes that will strengthen the operations and finance functions of the Company.
As part of a plan to address the foregoing, the Company has appointed Mr. Brent Ling to act as Interim Chief Operating Officer and Mr. Dale P. Kearns to act as Interim Chief Financial Officer.
Mr. Ling has over 30 years of experience in the residential development and construction industry and was formerly the President of Elite Homes Ltd.; Today's Homes Inc. and Today's Communities Inc., part of the Unity Builders Group of Companies. Mr. Ling was formerly President of the Canadian Home Builders Association, Calgary Region and holds a diploma in Structural Engineering from the Southern Alberta Institute of Technology. Mr. Ling is also certified as a Master Home Builder by the Professional Home Builders Institute of Alberta.
Mr. Kearns is a certified management accountant and has held senior finance positions with Campeau Corporation, Camdev Corporation, O&Y Properties Corporation and, most recently, Corsair Advisors, Inc.
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.