CALGARY, April 13 /CNW/ - Genesis Land Development Corp. (the "Company" or "Genesis") announces that a cease trade order was issued by the Alberta Securities Commission on April 13, 2009 as the Company has not filed its financial statements, management discussion and analysis and annual information form for the year ended December 31, 2008 within the regulated timeframe. As a result, trading in the common shares of the Company was halted on the Toronto Stock Exchange at market open today.
The Company anticipates filing the required financial statements this week and will concurrently apply for a revocation of the cease trade order.
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.