Mr. Iain Stewart reports

GENESIS LAND DEVELOPMENT CORP. ANNOUNCES EXECUTIVE APPOINTMENTS

Genesis Land Development Corp. has appointed and promoted Parveshindera (PS) Sidhu as president and chief operating officer (COO), Brian Whitwell as chief asset and investment officer (CAIO), Brendan McCashin as senior vice-president, land development, Mike deBoer as vice-president, homebuilding, and Virat Reddy as vice-president, finance and technology. The appointments are effective Sept. 10, 2024.

Genesis has achieved strong growth in recent years, with total assets growing from $296-million at Dec. 31, 2019, to $503-million at June 30, 2024. Home sales, total revenues and earnings have all grown solidly from 128 to 192 homes sold, from $68-million to $163-million of revenues and from $2-million to $15-million of earnings in just the first six months of 2024. Property acquisitions totalling $177-million since 2019 are fuelling this growth and are expected to continue to do so going forward.

These promotions reflect the outstanding contributions of each of these individuals as leaders of the Genesis team and illustrates the confidence the board of directors has in the team to grow the business over the coming years.

Reporting to Iain Stewart, chief executive officer, Mr. Sidhu will work closely with Mr. Whitwell, Mr. McCashin, Mr. deBoer, Mr. Reddy and other members of the Genesis team to continue to refine, improve and grow the operations of Genesis.

Mr. Sidhu has been with Genesis since 2005. Mr. Stewart, CEO, said, "In his role as president, Genesis Builders Group Inc., PS has led GBG's transition from a small home builder, producing less than 150 homes annually, to one that is a focused production home builder operating in 13 communities in the Calgary metropolitan area with the capacity to build and sell over 400 homes per year."

Mr. Sidhu said, "I am particularly proud of how the GBG team has refined operations, become increasingly efficient, maintaining high quality, improving customer experiences and safety standards while more than doubling its production in recent years."

Mr. Whitwell has been with Genesis since 2009 and, in his role as senior vice-president, asset management, has led acquisition activities, asset financings, project partnerships and lot sales, and will continue to lead these activities going forward. Mr. Whitwell will report to Mr. Sidhu on operational matters, and work closely with Mr. Stewart on financings, acquisitions and other growth activities.

Mr. McCashin has had increasing responsibility in land development roles in Calgary since entering the industry in 2008. Mr. McCashin joined Genesis in 2021 and leads the land development team as vice-president, land development. Genesis's land development activity has grown from $21-million in 2019 to $68-million in 2023 and is expected to continue to grow. In addition to on-site development activities, Mr. McCashin is responsible for community visioning, budgets and approvals -- including the development of Genesis's recently acquired 1,194 acres of development land in southeast Calgary. Mr. McCashin will report to Mr. Sidhu.

Mr. deBoer has been with Genesis since 2015 and has had increasing levels of responsibility within GBG. Most recently in his role as director of operations at GBG, Mr. deBoer has overseen the growth of GBG's design, construction and warranty teams, and has implemented production-line processes with a strong focus on quality, safety and timely home completions. Mr. deBoer will continue to report to Mr. Sidhu.

Mr. Reddy, currently corporate controller, has been with Genesis since 2013. Amongst other responsibilities, he has been instrumental in improving financial reporting, managing the budgeting, forecasting and treasury functions, and overseeing the development of the information technology team. Mr. Reddy will remain responsible for all these areas and will continue to report to Rob Sekhon, chief financial officer.

"These promotions reflect the strong contributions of each of the individuals to Genesis's growth over the last five years," Mr. Stewart commented. "The promotions are also a reflection of Genesis's board of directors' confidence in this team that will lead the company for many years to come. I, personally, look forward to working with each of them and continuing Genesis's strong growth," added Mr. Stewart.

About Genesis Land Development Corp.

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

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