Mr. Stephen Griggs of Smoothwater reports

SMOOTHWATER ACQUIRES ADDITIONAL SHARES OF GENESIS

On Sept. 25, 2023, Smoothwater Capital Corp., the largest shareholder of Genesis Land Development Corp., acquired an aggregate of 600,900 common shares of Genesis at a price of $2.19 per common share on the market for total consideration of $1,315,971, representing approximately 1.06 per cent of the outstanding common shares as at July 27, 2023. Smoothwater made the purchase in accordance with the normal course purchase exemption contained in Section 4.1 of National Instrument 62-104, Take-Over Bids and Issuer Bids.

Prior to the purchase, Smoothwater had ownership and control over 30,880,280 common shares, representing approximately 54.32 per cent of the outstanding shares. After giving effect to the purchase, Smoothwater had ownership and control over an aggregate of 31,481,180 common shares, representing approximately 55.37 per cent of the outstanding shares.

From the date of its last early warning report dated Sept. 16, 2021, to Sept. 24, 2023, Smoothwater acquired 790,500 common shares (representing approximately 1.39 per cent of the outstanding shares) by way of market purchases at prices ranging from $1.98 to $2.80 per common share in reliance upon the exemption.

There is a published market for the common shares.

In purchasing the common shares subject to the purchase and the prior purchases, Smoothwater was entitled to rely on the exemption because: (i) the aggregate number of common shares acquired in reliance on the exemption by Smoothwater and any person acting jointly or on concert with Smoothwater in the same 12-month period does not exceed 5 per cent of the common shares outstanding at the beginning of the 12-month period; (ii) there is a published market for the common shares; and (iii) the value of the consideration paid for the common shares was not greater than the market price of common shares on the Toronto Stock Exchange, as determined in accordance with Section 1.11 of NI 62-104, plus reasonable brokerage fees and commissions actually paid.

Smoothwater holds the common shares noted herein for investment purposes. Smoothwater and/or its joint actors may, from time to time, on an individual or joint basis, in the future, directly or indirectly acquire ownership of or control over additional securities of Genesis.

An early warning report in connection with this press release is being filed by Smoothwater in accordance with applicable Canadian securities laws and will be available on SEDAR and can also be obtained by contacting Stephen J. Griggs, chief executive officer of Smoothwater, at 416-644-6582.