CALGARY, Sept. 20, 2018 /CNW/ - Genesis Land Development
Corp. (TSX: GDC) (the "Corporation" or "Genesis") is pleased to
announce the following executive appointments effective
immediately:
- Iain Stewart has been appointed
President and Chief Executive Officer. Mr. Stewart has been an
independent director of Genesis since August
2013, and was previously Vice Chair of the Board since
May 12, 2017. Mr. Stewart remains as
a member of the Board of Directors.
- Stephen J. Griggs has been
appointed Executive Chair of the Board. Mr. Griggs has been a
director and Chair of the Board since August
2013, and was previously Chief Executive Officer or interim
CEO since February 2016. Mr. Griggs
remains as a member of the Board of Directors.
In these new roles, Mr. Stewart and Mr. Griggs will work
collaboratively to continue Genesis's successful strategy of
realizing the value of the existing properties, opportunistically
acquiring additional residential development lands in the
Calgary Metropolitan Area, and
maximizing dividends and returns to shareholders while maintaining
a strong balance sheet.
Mr. Stewart's real estate experience spans 30 years including
serving as co-CEO and co-founder of Calgary based Parkbridge Lifestyle Communities
Inc., Canada's largest owner and
operator of land-lease residential and recreational communities,
with its shares, until being privatized, listed on the Toronto
Stock Exchange. Mr. Stewart was a key member of the team that grew
Parkbridge from its inception in 1997 to over $1.4 billion in assets. He is a Chartered
Accountant and holds an ICD.D designation from the Institute of
Corporate Directors and resides in Calgary, Alberta.
"Since early 2016, Genesis has returned over $45.1 million to shareholders through dividends
and share buybacks," said Mr. Griggs. "In addition, our share
price has increased by 67% since February, 2016, an increase in
market value of over $60
million. Clearly, our strategy is working and a strong
foundation for the future has been established. We are
confident that Iain in his new role, will accelerate our business,
leveraging our strong team and our excellent land holdings".
In conjunction with these appointments, the Board of Directors
of Genesis has adopted a new long-term incentive plan comprised of
a stock option plan and a deferred share unit plan, and intends to
make grants under these plans. Under the rules of the TSX, the
adoption of the stock option plan and the vesting and exercise of
any initial grants made under it are conditional upon and subject
to the approval of the stock option plan by shareholders, which
approval is intended to be sought at the Corporation's next annual
general meeting. Details of the long-term incentive plan will be
provided in the management information circular for the next
general meeting of shareholders.
With the appointment of Mr. Stewart as President and Chief
Executive Officer, Mr. Michael
Brodsky has been appointed to the Audit Committee to replace
Mr. Stewart.
About Genesis
Genesis Land Development Corp. is a land developer and
residential home builder in the Calgary Metropolitan Area. The Corporation's
common shares are listed for trading on the Toronto Stock Exchange
under the symbol "GDC".
ADVISORIES
Forward-Looking Statements
This news release may contain certain statements which
constitute forward-looking statements or information (collectively,
"forward-looking statements") within the meaning of applicable
securities legislation, including Canadian Securities
Administrators' National Instrument 51-102 'Continuous Disclosure
Obligations', concerning the business, operations and financial
performance and condition of Genesis. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved".
Although Genesis believes that the anticipated future results,
performance or achievements expressed or implied by forward-looking
statements are based upon reasonable assumptions and expectations,
which assumptions are set out in its most recent Management
Discussion & Analysis under the heading "Advisories –
Forward-Looking Statements" the reader should not place undue
reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other
factors many of which are beyond the Corporation's control, which
may cause the actual results, performance or achievements of
Genesis to differ materially from anticipated future results,
performance or achievement expressed or implied by such
forward-looking statements. Accordingly, Genesis cannot give any
assurance that its expectations will in fact occur and cautions
that actual results may differ materially from those in the
forward-looking statements.
Factors that could cause actual results to differ materially
from those set forth in the forward-looking statements include, but
are not limited to: the impact of contractual arrangements and
incurred obligations on future operations and liquidity; local real
estate conditions, including the development of properties in close
proximity to Genesis' properties; the uncertainties of real estate
development and acquisition activity; fluctuations in interest
rates; ability to access and raise capital on favourable terms; not
realizing on the anticipated benefits from transactions or not
realizing on such anticipated benefits within the expected time
frame; labour matters, governmental regulations, stock market
volatility and other risks and factors described from time to time
in the documents filed by Genesis with the securities regulators in
Canada available at www.sedar.com,
including the Corporation's MD&A under the heading "Risks and
Uncertainties" and the AIF under the heading "Risk Factors".
Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release and, except as
required by applicable law, Genesis does not undertake any
obligation to publicly update or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Genesis Land Development Corp.