Canada NewsWire
CALGARY, March 3, 2017
CALGARY, March 3, 2017 /CNW/ - Genesis Land Development Corp.
("Genesis") (TSX:GDC) is pleased to announce that it has entered into an unconditional agreement with an arms-length third party
for the sale of +/- 1,477 acres of unentitled, undeveloped non-core lands owned by Genesis near the Hamlet of Delacour,
Alberta. The purchase price of the lands is $9,000,000 and closing is scheduled for
May 1, 2017. Genesis has received a deposit of $500,000 and expects
to receive the remaining sale proceeds on closing.
"This sale substantially completes our plan to dispose of the non-core lands owned by Genesis, with the bulk of non-core
assets by dollar value having been sold or contracted for sale," said Stephen Griggs, Chair and
interim CEO. "We have now monetized most of our non-core assets, as we continue to focus on generating value from our
Calgary area development lands and our home building business".
About Genesis
Genesis Land Development Corp. is a land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's common shares are listed on the Toronto Stock Exchange (TSX:
GDC).
SOURCE Genesis Land Development Corp.
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