CALGARY,
AB, Dec. 6, 2022 /CNW/ - Genesis Land
Development Corp. ("Genesis") is pleased to announce that it has
entered into binding agreements to sell a 20% ownership stake to
each of two separate Calgary based
third party home builders in the Genesis Lewiston development
project.
Lewiston is 130 acres of residential development land located in
north Calgary in the Keystone Area
Structure Plan acquired by Genesis in 2019. Genesis has now
received land use and outline plan approvals from Calgary City
Council for this project and expects to commence development of the
Lewiston lands in the spring of 2023 yielding approximately 915
homes when fully developed.
Total consideration for each 20% ownership stake is
approximately $9.9 million resulting
in gross proceeds for the total 40% ownership interest sold of
$19.8 million. In addition to a pro
rata participation in the profits and losses of the Lewiston
development, each purchaser, together with Genesis Builders Group
Inc., will have preferential access to residential building lots in
Lewiston. Both transactions are scheduled to close on January 16, 2023.
"Genesis is excited to have two excellent builders, joining
Genesis Builders Group, as partners in the Lewiston
community", commented Iain Stewart,
President and CEO. "This partnership will increase collaboration
and create excellent homes and a vibrant community for the families
who will make Lewiston home.".
About Genesis
Genesis is an integrated land developer
and residential home builder operating in the Calgary Metropolitan Area ("CMA") holding a
portfolio of well-located, entitled and unentitled primarily
residential lands and serviced lots in the CMA.
Cautionary Statement Regarding Forward Looking
Information
This news release contains 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 and operations of Genesis.
Forward-looking statements in this news release include, but are
not limited to, matters relating to the expected sale of two
ownership stakes in Lewiston (including the proceeds and timing
thereof) and development of Lewiston. 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", "scheduled", "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".
Forward-looking statements are based on material factors or
assumptions made by us with respect to, among other things,
opportunities that may or may not be pursued by us; changes in the
real estate industry; fluctuations in the Canadian and Alberta economy; changes in the number of lots
sold and homes delivered per year; and changes in laws or
regulations or the interpretation or application of those laws and
regulations. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control.
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: 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; the cyclicality of the oil and gas industry; changes in the
Canadian US dollar exchange rate; labour matters; governmental
regulations; general economic and financial conditions; 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 in the Corporation's MD&A under the
heading "Risks and Uncertainties" and the Corporation's annual
information form 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.
