September 27, 2010 08:30 ET

Genesis Acknowledges Officers and a Director Receive Notice of Hearing From the ASC

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2010) - Genesis Land Development Corp. (TSX:GDC), ("Genesis" or the "Company"), today acknowledged that the Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging the Company's President and Chief Executive Officer and director Gobi Singh and former Chief Financial Officer Frank Devcich breached Alberta securities laws by allowing Genesis to file consolidated financial statements for the three and nine months ended September 30, 2008 and 2007 (the "Financial Statements") that were not prepared in accordance with Canadian Generally Accepted Accounting Principles, and by falsely certifying that the Financial Statements were fairly presented. The ASC staff also alleges that the Company's current Chief Financial Officer Simon Fletcher breached Alberta securities laws by failing to correct a misrepresentation made by Mr. Devcich to the Genesis auditors. Genesis filed restated Financial Statements on February 4, 2009. The Company was not named as a respondent in the Notice of Hearing.

A copy of the Notice of Hearing is available on the ASC website at

Genesis will not be commenting further on this matter at this time however the board is monitoring the situation and will keep the market apprised.

For more information about Genesis, visit Genesis' website at

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