Genesis Announces that Leading Independent Proxy Advisory Firm ISS Recommends Shareholders Vote the WHITE Management Proxy

ISS Concludes "No Basis for Wholesale Board Change."

CALGARY, Aug. 1, 2013 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corporation" or "Genesis") announced today that Institutional Shareholder Services ("ISS") has recommended shareholders vote for the management nominees listed on the WHITE proxy.

ISS is a leading independent provider of proxy research and corporate governance advice to institutional investors around the world.  Their analyses and recommendations are relied upon by many major institutional investment firms, and mutual funds throughout North America

In its report, ISS said that based on its analysis "…there appears to be no basis for a wholesale board change," and since 4 out of 8 management nominees are also dissident nominees - "…dissident views will be adequately represented."

ISS also addressed some of the dissident's criticisms and pretext for initiating this action, noting that "the dissidents have provided no assurances about specific governance improvements."  Furthermore, ISS observed that 7 out 8 management nominees own Genesis shares.

Michael Brodsky, Chairman of the Genesis Board, responded to the ISS report saying, "We are gratified to receive ISS' independent third-party endorsement of our proposed nominees.  We agree with ISS' assessment that the minority dissident group led by Smoothwater Capital has failed to make a case for change, and has not presented shareholders with an alternate plan.  I strongly encourage all shareholders to vote their WHITE proxy today to ensure the election of an independent and representative board."

Please cast your vote using only the WHITE proxy today in support of the management nominees and disregard any materials you may receive from the dissidents. In order to be counted, your vote must be submitted before 9 a.m. (Mountain Daylight time) on August 8, 2013.  Vote your WHITE proxy prior to the cut-off regardless of whether you plan to attend the meeting in person.

For up-to-date information and developments, we encourage all shareholders to visit www.DefendGenesis.com. Casting your vote is easy, simply click the "Vote Here Now" button and enter the control number located on your WHITE proxy.

Please disregard any materials you may receive from the dissidents.  Even if you have voted a dissident proxy, a later dated WHITE proxy revokes any previously submitted vote. 

If you require assistance in casting your vote, or require replacement proxy materials, please call Genesis' proxy solicitation agent, CST Phoenix Advisors at 1-800-921-9376, or call collect 201-806-2222, or email
[email protected]

About Genesis

Genesis is a Calgary-based real estate development corporation engaged in the acquisition, development, and sale of land, residential lots and homes in Alberta and British Columbia. All business activities of the Corporation are conducted in Western Canada, with development lands held primarily in and around the cities of Calgary and Airdrie. With a diversified and substantial land base, the Corporation is well positioned to focus on developing those projects that offer the best return in the market going forward.

SOURCE: Genesis Land Development Corp.

Shareholders

CST Phoenix Advisors
1-800-921-9376 or call collect 201-806-2222
[email protected]

Media

Bayfield Strategy, Inc.
Riyaz Lalani
416-907-9365
[email protected]