Genesis Announces Receipt of $25 Million of Sales Proceeds

Genesis Land Development Corp. TSE Stock Symbol: GDC

CALGARY, Oct. 4 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") (TSX:GDC) is pleased to announce that it has received payment in full in respect of a $25 million vendor take back mortgage ("VTB") it was due as part of a $35 million land sale in North Calgary as previously announced on May 11, 2010 and for which, $10 million was initially received on closing. With the settlement of the VTB, all amounts in respect of the $35 million sale have been collected.

Mr. Gobi Singh, President and CEO of Genesis, confirms that the proceeds from the VTB have been applied towards the Corporation's debts.

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.

Cautionary Statement Regarding Forward-Looking Information

"This press release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), such as the number of dwelling sites that Genesis will actually develop and sell. Although Genesis believes that the expectations reflected in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to Genesis. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking statements. As such, readers are cautioned not to place undue reliance on the forward looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Genesis does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement."

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