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Update From UHA

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Published: March 24, 2010 10:59 am ET

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A few weeks ago, the United Horsemen of Alberta updated its members in regard to the status of its organization.

In an open letter which was uploaded to its website on March 12, UHA President Darcy Marler wrote that the organization has been busy addressing its financial status.

"We continue to move forward aggressively to lower our debt and clean up our balance sheet," Marler wrote in the letter. "From a high of $95 million in September, 2009, our debt as at the end of February, 2010 was approximately $38.5 million."

The letter explains that the decrease was due to a previously-announced agreement with Ivanhoe Cambridge and a pair of other large creditors which closed without incident on February 1.

The letter also explains that the organization is selling off excess land to pay off remaining debt, and that it is in the process of trying to raise new equity to proceed with the CrossIron Mills racetrack project in Balzac.

The letter also states that the organization has updated its business plan.

To view a copy of the letter, click here.


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