Mr. Iain Stewart reports

GENESIS LAND DEVELOPMENT CORP. ANNOUNCES SALE OF 40% OF HUXLEY DEVELOPMENT IN CALGARY

Genesis Land Development Corp. has contracted to sell a 40-per-cent ownership stake to two separate Calgary-based home builders in the Genesis Huxley development project for gross proceeds of $21.4-million.

Huxley contains 160 acres of residential development land located in the east Calgary community of Belvedere that is planned to yield approximately 1,400 homes when fully developed. Genesis has received land use and outline plan approvals from the City of Calgary for this project, and has commenced development of the lands.

In addition to a pro rata participation in the profits and losses of the Huxley development, each purchaser, together with Genesis Builders Group Inc., will have preferential access to residential building lots in Huxley. Both sale transactions are scheduled to close on Dec. 13, 2024.

"Genesis is excited to have two excellent builders, joining Genesis Builders Group, as partners in the Huxley community," commented Iain Stewart, president and chief executive officer. "This partnership will increase collaboration, and create excellent homes and a vibrant community for the families who will make Huxley home."

About Genesis Land Development Corp.

Genesis 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.

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