Lloyd I. Miller, III Acquires Common Shares Of Genesis Land Development Corp.

MONTREAL, May 5, 2014 /CNW/ - Lloyd I. Miller, III, the investment advisor to Lloyd I Miller Trust A‑4 ("Trust A-4"), acquired on May 2, 2014, ownership of 47,900 common shares (the "Common Shares") of Genesis Land Development Corp. ("Genesis") (TSX-GDC) through Trust A‑4. The Common Shares were acquired through the facilities of the Toronto Stock Exchange at an average price of US$3.67 per common share or CDN$4.03 per common share (based on the Noon Bank of Canada exchange rate), such common shares representing approximately 10.07% of the currently issued and outstanding common shares of Genesis.

As a result of the acquisition of the Common Shares, Mr. Miller, through Trust A‑4 and a number of trusts, partnerships and other entities, owns or has control or direction over an aggregate of 4,518,300 common shares of Genesis, representing approximately 10.07% of the issued and outstanding common shares.

As a significant shareholder of Genesis, Mr. Miller is seeking governance reforms and appropriate financial initiatives by the Company to narrow the gap between the share price and underlying net asset value.  Mr. Miller continues to be concerned about the 2013 Court case that found breaches of securities laws by certain Company shareholders, including Smoothwater Capital Corporation ("Smoothwater"), the Company's largest shareholder.  Following the recent costly proxy contest and Court ruling, and in light of increasing concentration of share ownership by larger holders, Mr. Miller believes that the Company should implement governance reforms that will protect the rights of all public shareholders.  The Company outlined a strategic plan in its March 28, 2014 press release, including "Create Liquidity for Shareholders," and acknowledged the gap between share trading price and underlying net asset value.  Mr. Miller believes that, unless appropriate governance reforms are implemented, a regular cash dividend would be viewed more favorably by shareholders than a share buyback, which might reduce trading liquidity and effectively increase the proportionate ownership percentage of Smoothwater and other large shareholders. The Common Shares were acquired for investment purposes only. Depending on the evolution of Genesis's business, financial condition, the market for Genesis securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of Genesis, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.

For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact:

                                       
                       
                                                
                                
                                                    

SOURCE: LLOYD I. MILLER, III

Lloyd I. Miller, III, 222 Lakeview Avenue, Suite 160-365, West Palm Beach, Florida, USA 33401, Telephone: [phone]; Eric Fangmann, 222 Lakeview Avenue, Suite 160-365, West Palm Beach, Florida, USA 33401, Telephone: [phone]