ASC alleges Genesis Land Development executives Singh, Devcich, and Fletcher
breached Alberta securities laws

CALGARY, Sept. 24 /CNW/ -The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging Genesis Land Development Corp. chief executive officer Gobinder Singh and former chief financial officer Frank Devcich breached Alberta securities laws by allowing Genesis Land Development to file financial statements that were not prepared in accordance with Canadian Generally Accepted Accounting Principles, and by falsely certifying that certain company financial statements were fairly presented.

ASC staff also alleges that Genesis Land Development's current chief financial officer Simon Fletcher breached Alberta securities laws by failing to correct a misrepresentation made by Devcich to the auditors of Genesis Land Development.

An appearance to set a date for a hearing will be held on November 10, 2010 at 2 p.m. in the ASC Hearing Room on the 6th Floor, 300 - 5th Avenue S.W., Calgary, Alberta. 

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

For further information:

For Media Inquiries:	Mark Dickey Senior Communications Advisor 403.297.4481
For Investor Inquiries:	ASC Public Inquiries Toll Free 1.877.355.4488