Genesis Announces Land Approvals for 307 Acres in Calgary Area

TSE Stock Symbol: GDC

CALGARY , Oct. 5 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") is pleased to announce that its Conceptual Scheme for 307 acres of land at Delacour in the Calgary area has been approved by the County of Rocky View . Delacour is located 6 miles east of the City of Calgary's eastern limits on Highway 564 (also known as Country Hills Boulevard) and in close proximity to major transportation corridors and the Calgary International Airport. This Conceptual Scheme guides the subsequent development of a comprehensively planned, mixed use community comprised of country homes, single family detached dwellings, multifamily dwellings as well as commercial and institutional land uses. The approved parcel of land is expected to yield a total of approximately 850 residential lots to Genesis and is part of the Company's 100% owned base of 1,800 acres of contiguous land in the Delacour area. In addition, Genesis has also secured water rights to support development of its initial phases at Delacour.

Genesis Land Development Corp. is a Calgary based land development company with an inventory of more than 24,000 future residential building sites (single-family and multi-family) and over 300 acres of commercial/industrial lands in Western Canada , of which more than 14,000 residential lots and over 300 acres of commercial/industrial lands are located in the Calgary metropolitan area.

Certain statements in this news release could constitute forward-looking statements. The Corporation's line of business involves risk, uncertainties and other factors which may cause actual results, performance or achievements of Genesis to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include the number of dwelling sites that Genesis will actually develop and sell.

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