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Baymount's Simmonds To Meet With Mayor

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Published: February 11, 2010 11:33 am ET

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Baymount Incorporated announced yesterday that it has closed on the first phase of its agreement with Macallan Equity Inc. Baymount's president and CEO, Graham Simmonds, has since gone on the record regarding the progress surrounding the situation.

Under the agreement, Macallan provided Baymount's subsidiary, Belleville Racetrack Development Corporation, with an initial advance of $3 million and has the right to acquire a 50% equity interest in BRDC upon investment of a further $1 million.

Although an official groundbreaking ceremony for the New Quinte Exhibition and Raceway took place a year and a half ago, the project is still moving forward very slowly. Local horsepeople have been frustrated for years with the lack of progress.

"I think the important thing is this is the first phase of the transaction and really got a lot of the working capital and debt issues cleaned up," Simmonds was quoted as saying in an article by the Belleville Intelligencer. "This positions the company to re-engage its consultants and construction people and get that process moving again. We still have a lot of work to do, but we should be on track for a late spring start, assuming everything lines up."

Belleville mayor Neil Ellis is expected to be meeting with Baymount officials today for an update on the project. "We're meeting to provide updates," Simmonds was quoted as saying. "This is great news and we want to make sure all of the stakeholders are up to speed and we'll be communicating with everyone, including our meeting with Mayor Ellis."

(With files from the Belleville Intelligencer)


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