Baymount Closes First Stage of Macallan Transaction; Repays Debt
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"This was a critical first step in refinancing our subsidiary, which is engaged in the development of the new Quinte Raceway and Slots facility in Belleville, Ontario," stated J.
Baymount continues to hold a 100% interest in its 55 acres of excess lands adjacent to the new raceway development in Belleville, Ontario. These lands are not part of the transaction with Macallan and the Company continues to work with its prospective partners in developing these lands into a family entertainment destination, which plans to feature a new hotel and water park in addition to many other amenities.
About Baymount --------------
Baymount seeks out and develops opportunities within the horseracing industry. It is the Baymount philosophy to create entertainment destinations for consumers while providing our investors with a vehicle that allows them to participate in the growth of Canadian gaming at racetracks.
Baymount's wholly-owned subsidiary, Belleville Racetrack Development Corporation ("BRDC"), has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway ("QER") in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots-at-Racetracks program. In 2006, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act as Landlord for the proposed OLG gaming premises to be located at the new QER. The Company has also received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission.
ON BEHALF OF BAYMOUNT INCORPORATED
For additional information please visit the company's website at www.bym.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Forward-looking Statements --------------------------
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect.
For further information: Baymount Incorporated: Mr. Graham Simmonds, President and Chief Executive Officer, (416) 843-2881, [email protected]
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