CALGARY, AB, Dec. 9, 2020 /CNW/ - Genesis Land
Development Corp. ("Genesis") (TSX: GDC), announces that its Board
of Directors has declared an unconditional special cash dividend
of $0.15 per common share, or $6.28
million in aggregate, payable on January 11, 2021 to shareholders of record on
December 23, 2020.
Eligible Dividend Designation
Pursuant to subsection
89(14) of the Income Tax Act (Canada) the dividend qualifies as an eligible
dividend for Canadian federal income tax purposes.
About Genesis
Genesis Land Development Corp. is a
land developer and residential home builder in the Calgary Metropolitan Area. The Corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC).
Cautionary Statement Regarding Forward Looking
Information
This press release contains statements relating to the
special dividend which constitute forward looking statements or
information ("forward-looking statements") within the meaning of
applicable securities legislation. Although Genesis believes that
the forward-looking statements are based upon reasonable
assumptions and expectations, the reader should not place undue
reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other
factors many of which are beyond the Company's control.
Factors that could cause actual results to differ materially from
those set forth in the forward-looking statements include, but are
not limited to, a change in Genesis' ability to pay a special
divided resulting from the unanticipated impact of general economic
conditions in Canada, the United States and globally. The
forward-looking statements contained in this press release are made
as of the date of this press release and, except as required by
applicable law, Genesis does not undertake any obligation to
publicly update or to revise any of the forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE Genesis Land Development Corp.