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Smoothwater Capital Corporation-Press Release |
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Smoothwater Capital Corporation-Press Release
TORONTO, ONTARIO--(Marketwired - Aug. 23, 2013) - On August 2, 2013, Genesis Land Development Corp. ("Genesis") commenced a proceeding (the "Application") in the Alberta Court of Queen's Bench (the "Court") for, among other things, an order directing Smoothwater Capital Corporation ("Smoothwater"), Garfield R. Mitchell, the sole shareholder of Smoothwater, Mark Mitchell, Edwin Nordholm and Liberty Street Capital Corp. (the "Respondents") to disclose that they had been acting jointly or in concert prior to the annual and special meeting of shareholders of Genesis (the "Meeting") then scheduled to be held on August 12, 2013 (which Meeting has since been postponed). The Application was heard on August 15, 2013. The Court held that the Respondents had been acting jointly or in concert since early July 2013 in respect of efforts to have an alternate slate of directors elected at the Meeting. The Court ordered that disclosure of the Court's decision be made, and that the Meeting be adjourned or postponed to a date 30 days after the issuance of such disclosure. This disclosure is being made by Smoothwater further to the order of the Court. Since the hearing of the Application, Genesis and Smoothwater have announced that they arrived at a settlement in respect of Smoothwater's proposal to nominate an alternate slate of directors at the Meeting.
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