Mr. Iain Stewart reports

GENESIS LAND DEVELOPMENT CORP. ANNOUNCES COMPLETION OF 157-ACRE ACQUISITION FOR $29.15 MILLION IN CALGARY

Genesis Land Development Corp. has completed its acquisition of 157 acres of future residential development land in east Calgary for a purchase price of approximately $29.15-million. Genesis Land paid a non-refundable deposit of $2.18-million in February, 2021, and paid the balance of $26.97-million on closing.

Genesis Land intends to develop a residential community named Huxley on the lands, and has submitted outline and land use plans to the City of Calgary for approval. These lands are not subject to a growth management overlay and may be developed once land use is approved.

Genesis Land anticipates commencement of site servicing in spring 2023. Upon completion of the development, the lands are expected to yield over 1,200 housing units, including single-family and townhouse units.

Iain Stewart, president and chief executive officer, said, "Land purchases such as the Huxley acquisition are important steps in our long-term plan to increase the size of our landholdings and the cash flow of our business."

About Genesis Land Development Corp.

Genesis Land is an integrated land developer and residential home builder operating in the Calgary metropolitan area (CMA), holding a portfolio of well-located, entitled and unentitled, primarily residential lands and serviced lots in the CMA.

We seek Safe Harbor.