CALGARY, April 1, 2019 /CNW/ - Genesis Land Development
Corp. ("Genesis") is pleased to announce that it has entered into a
letter agreement relating to the proposed purchase of approximately
160 acres of future development land (the "Land") in the
Calgary Metropolitan area (the
"CMA"). The purchase is conditional on the satisfaction of a number
of conditions precedent by mid-June, 2019 including, among other
things, satisfactory completion of due diligence by Genesis and the
finalization of a definitive purchase and sale agreement.
The Land has Area Structure Plan approval for residential
development and is currently under a municipal growth management
overlay and requires land use approval. Genesis believes the
purchase price and terms of the proposed acquisition are in line
with current market conditions and expects to fund the proposed
transaction with internal resources and financing typical for
transactions of this nature.
Iain Stewart, President and CEO
of Genesis stated, "This parcel fits well with Genesis' existing
land base in terms of location and time to market and is in an area
of the CMA that is experiencing growth. This purchase, if
completed, will further our business strategy of finding new growth
opportunities in the CMA and leveraging our expertise in adding
value".
There can be no assurances that this acquisition will be
completed as proposed or at all, or if completed on terms and
conditions currently proposed. Genesis expects to provide further
updates regarding the satisfaction of conditions precedent and the
entering into of a definitive purchase and sale agreement.
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 on the Toronto Stock Exchange (TSX:
GDC).
ADVISORIES
Forward-Looking Statements
This news release may contain certain statements which
constitute forward-looking statements or information
("forward-looking statements") within the meaning of applicable
securities legislation, including Canadian Securities
Administrators' National Instrument 51-102 Continuous Disclosure
Obligations, concerning the business of Genesis generally and the
proposed acquisition of the Land in particular. 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, 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: matters arising in respect of conditions
precedent to completion of the proposed acquisition of the Land
including, without limitation, relating to due diligence, receipt
of third party approvals or the definitive agreement providing for
the purchase and sale of the Land; local real estate conditions;
the uncertainties of real estate development and acquisition
activity; fluctuations in interest rates; ability to access 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".
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.