Genesis Announces Board Elections

TSE Stock Symbol: GDC

CALGARY, June 30 /CNW/ - Genesis Land Development Corp. (TSX-GDC), ("Genesis" or the "Company"), held its annual and special meeting of shareholders on June 29, 2010. Genesis is pleased to announce that the shareholders of the Company approved all the resolutions presented at the meeting, including:

- The re-election of Messrs. Doug N. Baker, Keith Ferrel, Akhil A. Manro, Kevin D. Reed and Gobi Singh as directors of the Company and the election of Messrs. Elias Foscolos and Mark W. Mitchell as new independent directors of the Company for the forthcoming year;

- The receiving of the Company's audited consolidated financial statements for the year ended December 31, 2009 together with the auditor's report therein;

- The reappointment of Myers Norris Penny LLP, Chartered Accountants, as auditors of the Company (including authorizing the Directors to fix the auditors' remuneration);

- The ratification and approval of the unallocated stock option entitlements (as presented in the Management Information Circular).

As previously announced by the Company, Mr. Reed will transition off the board on or before March 31, 2011 and Mr. Ferrel will transition off the board on or before December 31, 2010.

Following the shareholders' meeting, the board of directors met and Kevin D. Reed was reappointed as Chair of Genesis board of directors. In addition, the board of directors reestablished the following standing committees of the board with the following members: Audit Committee - Doug N. Baker (Chair), Keith Ferrel and Elias Foscolos; Corporate Governance Committee - Akhil A. Manro (Chair), Mark W. Mitchell and Elias Foscolos; Compensation Committee - Akhil A. Manro (Chair), Mark W. Mitchell and Kevin D. Reed; and Special Committee - Keith Ferrel (Chair), Kevin D. Reed and Doug N. Baker.

The board and management of Genesis would like to thank all of the shareholders of the Company who took the time to attend, or vote by proxy at the meeting. All materials associated with our annual meeting are available on our website www.genesisland.com.

Genesis Land Development Corp. is a Calgary based land development company with an estimated inventory of more than 28,000 future residential building sites (single-family and multi-family) and over 1,000 acres of commercial/industrial lands in Western Canada, of which more than an estimated 14,000 residential lots and over 530 acres of commercial/industrial lands are in the Calgary and Edmonton metropolitan areas.

For further information: Gobi Singh, C.E.O., Genesis Land Development Corp., Tel: [phone], Toll Free: 1-800-341-7211, Fax: [phone], E-Mail: [email protected], Internet: www.genesisland.com