On Wednesday, March 12, Baymount Incorporated issued a corporate update in which it stated that it is selling any remaining assets associated with the Quinte racetrack and slots project.
The update also states that, “Baymount also announces that its wholly owned subsidiary, Belleville Racetrack Development Corporation (BRDC), has received a one-time payment of $3.2 million under its former Siteholder Agreement with OLG for certain expenditures it made pertaining to the planned Quinte facility.”
The contents of the update from Baymount appear below.
Baymount Provides Corporate Update
Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM.H), has been evaluating a number of business opportunities within the horse racing and gaming and industries. While any opportunity will require a significant restructuring of the Company's finances and balance sheet, the objective of the Board of Directors has been to leverage Baymount's management expertise in this industry and its strong Board of Directors and shareholder base. To this end the Company will be selling any remaining assets associated with the Quinte racetrack and slots project and work towards negotiating its unsecured liabilities.
Baymount also announces that its wholly owned subsidiary, Belleville Racetrack Development Corporation (BRDC), has received a one-time payment of $3.2 million under its former Siteholder Agreement with OLG for certain expenditures it made pertaining to the planned Quinte facility.
About Baymount
Baymount seeks out and develops opportunities within the horse racing industry. Due to significant changes to government gaming policy within the Province of Ontario, Baymount is no longer focused on developing its horse racing and slots facility in Belleville, Ontario. The Company is evaluating a number of new business opportunities within the horse racing and gaming industries.
ON BEHALF OF BAYMOUNT INCORPORATED
Graham Simmonds, President & Chief Executive Officer
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.
Mr. Graham Simmonds
President and Chief Executive Officer