Mr. Iain Stewart reports

GENESIS LAND DEVELOPMENT CORP. ANNOUNCES 734-ACRE LAND ACQUISITION AND AN OPTION TO PURCHASE ADDITIONAL 106 ACRES IN CALGARY

Genesis Land Development Corp. has contracted to acquire approximately 734 acres of future residential development land located in the southeast sector of the city of Calgary for $53.9-million.

Genesis has paid a deposit of $2.7-million with an additional $9.1-million due at the closing of the transaction on June 7, 2024. The remaining balance of $42.1-million will be paid in four instalments over the next four years. In addition, Genesis has secured an option to purchase an additional 106 acres immediately south of the land that may be exercised between Jan. 1, 2029, and Dec. 31, 2037.

The land and the option land have a long-term development horizon and are currently zoned Future Urban Development, or S-FUD, by the City of Calgary. The land and the option land are located within the East Calgary Regional Context Study Area which will require an area structure plan to be approved prior to development.

Iain Stewart, president and chief executive officer, commented, "This acquisition builds on Genesis's growth strategy and illustrates the company's long-term commitment to the Calgary residential housing market."

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.

We seek Safe Harbor.