CALGARY,
AB, Sept. 9, 2024 /CNW/ - Genesis Land
Development Corp. (TSX: GDC) ("Genesis") is pleased to announce the
appointment and promotion of Parveshindera (PS) Sidhu as President
& Chief Operating Officer ("COO"), Brian Whitwell as Chief Asset and Investment
Officer ("CAIO"), Brendan McCashin
as Senior Vice President, Land Development, Mike deBoer as Vice
President, Homebuilding and Virat
Reddy as Vice President, Finance & Technology. The
appointments are effective September 10,
2024.
Genesis has achieved strong growth in recent years, with total
assets growing from $296 million at
December 31, 2019, to $503 million at June 30,
2024. Home sales, total revenues and earnings have all grown
solidly from 128 to 192 homes sold, from $68 to $163 million
of revenues and from $2 million to
$15 million of earnings in just the
first six months of 2024. Property acquisitions totalling
$177 million since 2019 are fuelling
this growth and are expected to continue to do so going
forward.
These promotions reflect the outstanding contributions of each
of these individuals as leaders of the Genesis team and illustrates
the confidence the Board of Directors has in the team to grow the
business over the coming years.
Reporting to Iain Stewart, CEO,
Mr. Sidhu will work closely with Mr. Whitwell, Mr. McCashin, Mr.
deBoer, Mr. Reddy and other members of the Genesis team to continue
to refine, improve and grow the operations of Genesis.
Mr. Sidhu has been with Genesis since 2005. Mr. Stewart, CEO,
said, "In his role as President, Genesis Builders Group Inc., PS
has led GBG's transition from a small home builder, producing less
than 150 homes annually, to one that is a focused production home
builder operating in 13 communities in the Calgary Metropolitan Area with the capacity to
build and sell over 400 homes per year."
Mr. Sidhu said, "I am particularly proud of how the GBG team has
refined operations, become increasingly efficient, maintaining high
quality, improving customer experiences and safety standards while
more than doubling its production in recent years."
Mr. Whitwell has been with Genesis since 2009 and in his role as
Senior Vice President, Asset Management has led acquisition
activities, asset financings, project partnerships and lot sales,
and will continue to lead these activities going forward. Mr.
Whitwell will report to Mr. Sidhu on operational matters and work
closely with Mr. Stewart on financings, acquisitions and other
growth activities.
Mr. McCashin has had increasing responsibility in land
development roles in Calgary since
entering the industry in 2008. Mr. McCashin joined Genesis in 2021
and leads the Land Development team as Vice President, Land
Development. Genesis' land development activity has grown from
$21 million in 2019 to $68 million in 2023 and is expected to continue
to grow. In addition to on-site development activities, Mr.
McCashin is responsible for community visioning, budgets, and
approvals – including the development of Genesis' recently acquired
1,194 acres of development land in southeast Calgary. Mr. McCashin will report to Mr.
Sidhu.
Mr. deBoer has been with Genesis since 2015 and had had
increasing levels of responsibility within GBG. Most recently in
his role as Director of Operations at GBG, Mr. deBoer has overseen
the growth of GBG's design, construction and warranty teams and has
implemented production-line processes with a strong focus on
quality, safety, and timely home completions. Mr. deBoer will
continue to report to Mr. Sidhu.
Mr. Reddy, currently Corporate Controller, has been with Genesis
since 2013. Amongst other responsibilities, he has been
instrumental in improving financial reporting, managing the
budgeting, forecasting and treasury functions and overseeing the
development of our information technology team. Mr. Reddy will
remain responsible for all these areas and will continue to report
to Rob Sekhon, Chief Financial
Officer.
"These promotions reflect the strong contributions of each of
the individuals to Genesis growth over the last five years," Mr.
Stewart commented. "The promotions are also a reflection of
Genesis' Board of Directors confidence in this team that will lead
the company for many years to come. I, personally, look forward to
working with each of them and continuing Genesis' strong growth,"
added Mr. Stewart.
About Genesis
Genesis is an integrated land developer and residential home
builder operating in the 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 future growth. 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.
