CALGARY,
AB, May 2, 2022 /CNW/ - Genesis Land
Development Corp. ("Genesis") is pleased to report that it has
entered into a binding agreement to acquire approximately 160 acres
of future residential development land (the "Land") located in the
southeast sector of the City of
Calgary.
Pursuant to the Land acquisition Genesis has paid a
non-refundable deposit of $0.3
million and will pay a further $3.0
million non-refundable deposit. Depending on the timing of
the receipt of certain approvals from the City of Calgary the purchase will cost either
$28.0 million or $30.0 million with the closing date being either
June 15, 2023, or January 31, 2025.
The Land is located in southeast Calgary in the South Shepard Area Structure
Plan and is adjacent to two other approved residential projects.
Genesis will work towards securing final development approvals from
the City of Calgary. Upon receiving all necessary approvals,
the Land is expected to yield approximately 1,100 housing units
once fully developed.
Iain Stewart, President and CEO
commented: "This acquisition is a continuation of Genesis' growth
strategy and illustrates the company's 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.