Genesis Board Postponing the Inevitable at High Cost to Shareholders

TORONTO, Aug. 9, 2013 /CNW/ - Smoothwater Capital Corporation (Smoothwater) today responded to the decision by the board of directors of Genesis Land Development Corp. (Genesis) (GDC:TSX) to postpone the company's annual meeting to August 20, 2013.

"The decision to postpone the meeting is a desperate last minute legal tactic to thwart the will of Genesis shareholders and further squander company resources. The current board knows that it has lost the election by a wide margin, and is trying to buy time through last ditch legal manoeuvres at huge cost to shareholders," said Stephen Griggs, Smoothwater's Chief Executive Officer.

"Smoothwater urges the incumbent directors to stop wasting shareholders' time and company resources with meritless legal claims and accept that shareholders have chosen a different board to lead the company," continued Griggs. "Smoothwater is vigorously defending the rights of all shareholders to have their votes counted, while the current board is trying to disenfranchise any shareholder who dares vote against them."

The 2013 annual meeting is already well beyond the last possible date allowed by the TSX and Smoothwater, on behalf of all shareholders, has demanded that the incumbent board not delay the meeting any further past August 20, 2013.

Shareholders can show displeasure by voting a BLUE proxy or Voting Instruction Form. Shareholders are urged to vote before the deadline of Friday, August 16, 2013 at 8:00 a.m. (Toronto Time).

If you have already voted using the white proxy, you can still change your vote by submitting a BLUE proxy or Voting Instruction Form, which will revoke any previously submitted proxy or Voting Instruction Form.

If you have any questions or need assistance in voting your BLUE proxy or BLUE Voting Instruction Form, please call Kingsdale Shareholder Services Inc. at 1-888-518-1558 (toll free within North America) or 416-867-2272 (collect calls accepted), or by email at [email protected].

SOURCE: Smoothwater Capital Corporation

Stephen J. Griggs
Chief Executive Officer
Smoothwater Capital Corporation
2500 - 120 Adelaide Street West
Toronto ON M5H 1T1
416.644.6582
[email protected] 
www.smoothwatercapital.com