TORONTO , Aug. 19, 2013 /CNW/ - On August 18, 2013 , Smoothwater Capital Corporation ("Smoothwater") entered into a settlement letter (the "Letter Agreement") with Genesis Land Development Corp. ("Genesis") in respect of Smoothwater's proposal of an alternate slate of directors at Genesis' 2013 Annual General Meeting of Shareholders.
As of August 19, 2013 , Smoothwater continues to maintain ownership and control of 9,897,435 common shares of Genesis, representing approximately 22.06% of the outstanding common shares of Genesis (based upon the 44,861,200 common shares stated to be issued and outstanding as of July 17, 2013 by Genesis in its management information circular dated July 17, 2013 and filed on SEDAR on July 18 , 2013). The Letter Agreement did not result in a change in ownership or control of the common shares held by Smoothwater.
Smoothwater entered into the Letter Agreement because Smoothwater believes that it was in the best interest of Smoothwater and Genesis to do so. As Smoothwater previously disclosed, the common shares held by Smoothwater were acquired for investment purposes. Depending on the evolution of Genesis' business, financial condition, the market for Genesis' securities, general economic conditions and other factors, Smoothwater may acquire additional common shares of Genesis, or sell some or all of the common shares it holds, in the open market, by private agreement or otherwise.
An early warning report is being filed by Smoothwater in accordance with applicable securities laws and will be available on the SEDAR website at www.sedar.com.
SOURCE: Smoothwater Capital Corporation
For more information, including to obtain a copy of the early warning report to which this press release relates, please contact:
Stephen J. Griggs
Chief Executive Officer
Smoothwater Capital Corporation
Suite 2500, 120 Adelaide Street West
Toronto, Ontario M5H 1T1