December 9, 2009

Genesis Land Development Corp. (TSE:GDC) announced today that it has finalized the sales agreement for roughly 147 acres of fully approved lands in North Calgary for $35 million.

The sale transaction is subject to completion of a subdivision plan of the lands and providing a single certificate of title to the lands to the purchaser on the closing date of April 10, 2010.

The purchaser has provided a deposit of $10 million to be held in trust and releasable to Genesis on the Closing Date. The remaining $25 million is due September 30, 2010. Genesis expects to recognize revenue for this sale in Q2-2010.

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