CALGARY,
AB, Sept. 21, 2023 /CNW/ - Genesis Land
Development Corp. (TSX: GDC) ("Genesis") is pleased to report that
it has entered into a binding agreement to acquire 460 acres of
future residential development land (the "Land") located in the
southeast sector of the City of
Calgary for $25.8 million.
Genesis will pay a non-refundable deposit of $1.0 million with an additional $6.8 million due at the closing of the
transaction on November 20, 2023. The
remaining balance of $18.0 million
will be paid over four years in equal installments of $4.5 million with the first payment due in
November 2024.
The lands have a long-term development horizon and are currently
zoned S-FUD or Future Urban Development by the City of Calgary. The lands are located within
the East Calgary Regional Context Study Area which will require an
Area Structure Plan ("ASP") to be approved prior to
development.
Iain Stewart, President and CEO
commented: "This acquisition is a continuation of Genesis' growth
strategy and illustrates the company's long-term commitment to the
Calgary residential housing
market."
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, plans and strategies surrounding the acquisition of
the Land; the future residential development of the Land; and
future servicing and zoning approvals and timing thereof; the
purchase price and closing date of the Land acquisition. 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.
