CALGARY,
AB, Aug. 8, 2023 /CNW/ - Genesis Land
Development Corp. (TSX: GDC) ("Genesis") is pleased to announce the
appointment of Rob Sekhon CPA, CA as Chief Financial Officer
("CFO"), and Wayne King CPA, CA to the position of Senior Vice
President, Information Systems and Special Projects. The
appointments will be effective September 11,
2023.
Mr. King has been with Genesis since 2017 in the CFO role,
helping create the solid foundation upon which Genesis is growing.
Mr. King has been instrumental in Genesis' recent success and has
developed a strong finance team and improved financial reporting
systems. Mr. King intends to retire early in 2025 and will focus
his efforts on special projects including upgrading Genesis'
information systems.
Reporting to Iain Stewart,
President and CEO, Mr. Sekhon will join Mr. King as members of the
company's executive leadership team. Mr. Sekhon will be responsible
for leading the finance team in several critical areas including
reporting, treasury, and cash flow forecasting functions.
Mr. Sekhon brings extensive management and financial expertise
to Genesis. He has played instrumental roles in building,
developing and managing strong financial teams and reporting
systems over the past 20 years in capital intensive businesses that
have steadily enabled improved business performance. His experience
spans core financial functions across income statement and balance
sheet management, financial planning and analysis, capital
allocation and acquisition integrations. Mr. Sekhon's appointment
as CFO is the result of a robust search process, supported by an
external search firm.
"Genesis is seeing strong growth in both its home building and
land development businesses, and we are excited to add Mr. Sekhon
to our team. Rob adds depth to our management team and will help
guide Genesis' growth for years to come," Mr. Stewart commented.
"The timing of this appointment allows Genesis to leverage Mr.
King's skills and experience to enhance and ready our information
systems infrastructure to accommodate the company's growth in
today's fast changing technological environment," added Mr.
Stewart.
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 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.
