Thunderbird Resorts Inc.: Third Quarter 2014 Interim Management Statement October 2014 Revenue Report and Change of Auditors

Thunderbird Resorts Inc. / Thunderbird Resorts Inc.: Third Quarter 2014 Interim Management Statement October 2014 Revenue Report and Change of Auditors . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement. PANAMA, REPUBLIC OF PANAMA--(Marketwired - Nov 13, 2014) - Thunderbird Resorts Inc...

PANAMA, REPUBLIC OF PANAMA--(Marketwired - Nov 13, 2014) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (EURONEXT:TBIRD)(FRANKFURT:4TR) announces its interim results for the third quarter and nine months ended September 30, 2014.

Below is our consolidated profit / (loss) summary for the nine months ended September 30, 2014 as compared with the same period of 2013. The strengthening of the US dollar versus our operating currencies continues to have a material impact on our business as compared to the same period in 2013. For the convenience of the reader, we present: a) A summary of our consolidated results without adjustments for forex; and b) The same summary, but with our 2014 year-to-date average exchange rate applied to the same period in 2013 in order to compare results under a currency neutral scenario ("Currency Neutral").

a) Summary Third Quarter 2014 Consolidated P&L:

(In thousands, proportional consolidation)
		Nine months ended September 30				%
		2014		2013		Variance		change
Net gaming wins		$	34,114	$	36,174	$	(2,060)	-5.7%
Food and beverage sales			3,360		3,332		28	-0.8%
Hospitality and other sales			4,543		4,453		90	2.0%
Total revenues			42,017		43,959		(1,942)	-4.4%
Promotional allowances			3,660		3,656		4	0.1%
Property, marketing and administration			30,860		32,006		(1,146)	-3.6%
Property EBITDA			7,497		8,297		(800)	-9.6%
Corporate Expenses			3,295		3,743		(448)	-12.0%
Adjusted EBITDA			4,202		4,554		(352)	-7.7%
Property EBITDA as a percentage of revenues			10.0%		10.4%
Depreciation and amortization			3,963		5,159		(1,196)	-23.2%
Interest and financing costs, net			3,238		4,993		(1,755)	-35.1%
Management fee attributable to non-controlling interest			12		110		(98)	-89.1%
Project development			86		89		(3)	-3.4%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			629		1,195		(566)	-47.4%
Other (gains) / losses			1,280		1,522		(242)	-15.9%
Derivative financial instrument			-		(18)		18	-100.0%
Income taxes			342		695		(353)	-50.8%
Profit / (loss) for the period from continuing operations		$	(5,348)	$	(9,191)	$	3,843	-41.8%

 

b) Summary Third Quarter 2014 Consolidated P&L Adjusted for Currency Neutral:

(In thousands, proportional consolidation under currency neutral)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	34,114	$	34,210	$	(96)	-0.3%
Food and beverage sales			3,360		3,150		210	6.7%
Hospitality and other sales			4,543		4,248		295	6.9%
Total revenues			42,017		41,608		409	1.0%
Promotional allowances			3,660		3,477		183	5.3%
Property, marketing and administration			30,860		30,292		568	1.9%
Property EBITDA			7,497		7,839		(342)	-4.4%
Corporate Expenses			3,295		3,743		(448)	-12.0%
Adjusted EBITDA			4,202		4,096		106	2.6%
Property EBITDA as a percentage of revenues			10.0%		9.8%
Depreciation and amortization			3,963		4,882		(919)	-18.8%
Interest and financing costs, net			3,238		4,900		(1,662)	-33.9%
Management fee attributable to non-controlling interest			12		50		(38)	-76.0%
Project development			86		84		2	2.4%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			629		1,132		(503)	-44.4%
Other (gains) / losses			1,280		1,521		(241)	-15.8%
Derivative financial instrument			-		(18)		18	-100.0%
Income taxes			342		663		(321)	-48.4%
Profit / (loss) for the period from continuing operations		$	(5,348)	$	(9,118)	$	3,770	-41.3%

 

Note: "EBITDA" is not an accounting term under IFRS, and refers to earnings before net interest expense, income taxes, depreciation and amortization, equity in earnings of affiliates, minority interests, development costs, other gains and losses, and discontinued operations. "Property EBITDA" is equal to EBITDA at the country level(s). "Adjusted EBITDA" is equal to property EBITDA consolidated from all operations less "Corporate Expenses", which are the expenses of operating the parent company and its non-operating subsidiaries and affiliates. "Currency Neutral" eliminates fluctuations in currency values by applying the 2014 year-to-date exchange rate average to the same period in 2013 in order to compare the Group's performance trend net of the impact of forex.

Below is the Group's Gross debt and Net Debt on September 30, 2014.

(In thousands; proportional consolidation)
		Sep-14		Jun-14		Mar-14
Borrowings		$	43,848	$	44,473	$	45,624
Borrowings associated with assets held for sale			1,817		1,918		2,018
Obligations under leases and hire purchase contracts			829		953		1,029
Derivative financial instruments			-		-		-
Gross Debt		$	46,494	$	47,344	$	48,671
Less: cash and cash equivalents (excludes restricted cash)			7,148		4,648		4,141
Net Debt		$	39,346	$	42,660	$	44,530

 

Note: Gross Debt above is presented net of debt issuance costs which is why there is an approximate $1.0 million variance with the total Principal balance below. Borrowings under assets held for sale are related to two underdeveloped real estate parcels owned by the Group's joint venture in Costa Rica. "Cash and cash equivalents" do not include $5.0 million in hold back due to the Group in January 2016 assuming no liabilities charged against the Hold back as per agreements with the Philippines buyer.

The Group estimates its debt schedule as follows starting in October 2014:

Principal Payments				2014				2015				2016				2017			2018				2019				Thereafter				Total
	Corporate			$		1,891,036		$		6,978,596		$		5,237,293		$		4,910,903	$		1,563,506		$	1,375,026			$		3,397,095		$	25,353,454
		Corporate				1,642,050				6,320,522				5,237,293				4,910,903			1,563,506			1,375,026					3,397,095			24,446,394
		Guatemala				248,985				658,074				-				-			-			-					-			907,060
	Costa Rica					449,614				2,826,568				1,186,286				1,201,588			1,653,274			423,445					33,168			7,773,943
	Peru					306,710				1,548,761				1,492,742				1,280,140			1,386,369			6,931,464					-			12,946,185
	Nicaragua					79,202				165,514				181,027				172,538			149,988			633,740					-			1,382,008
Total				$		2,726,562		$		11,519,440		$		8,097,347		$		7,565,168	$		4,753,136		$	9,363,263			$		3,430,263		$	47,455,591
Interest Expense			2014				2015				2016				2017					2018					2019			Thereafter			Total
	Corporate		$		563,634		$		1,866,620		$		1,584,419		$		822,549			$		602,022			$	456,979		$		419,584	$	6,315,807
		Corporate			563,634				1,866,620				1,584,419				822,549					602,022				456,979				419,584		6,315,807
		Guatemala			-				-				-				-					-				-				-		-
	Costa Rica				188,597				659,990				378,990				251,902					110,090				13,356				518		1,603,442
	Peru				268,029				993,872				851,029				738,274					629,632				271,233				-		3,752,070
	Nicaragua				31,347				111,660				96,147				79,006					65,671				52,807				-		436,638
Total			$		1,051,607		$		3,632,142		$		2,910,585		$		1,891,731			$		1,407,416			$	794,375		$		420,102	$	12,107,956

 

Peru Update

a) Summary Peru Third Quarter 2014 Consolidated P&L:

(In thousands)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	16,984	$	17,215	$	(231)	-1.3%
Food and beverage sales			1,335		1,149		186	16.2%
Hospitality and other sales			4,336		4,125		211	5.1%
Total revenues			22,655		22,489		166	0.7%
Promotional allowances			2,191		1,968		223	11.3%
Property, marketing and administration			16,956		16,403		553	3.4%
Property EBITDA			3,508		4,118		(610)	-14.8%
Property EBITDA as a percentage of revenues			15.5%		18.3%
Depreciation and amortization			2,443		3,015		(572)	-19.0%
Interest and financing costs, net			983		942		41	4.4%
Management fee attributable to non-controlling interest			(64)		82		(146)	-178.0%
Project development			-		-		-	0.0%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			368		1,374		(1,006)	-73.2%
Other (gains) / losses			(3)		8		(11)	-137.5%
Derivative financial instrument			-		-		-	0.0%
Income taxes			-		323		(323)	-100.0%
Profit / (loss) for the period from continuing operations		$	(219)	$	(1,626)	$	1,407	-86.5%

 

b) Summary Peru Third Quarter 2014 Consolidated P&L Adjusted for Currency Neutral:

(In thousands, under currency neutral)
			Nine months ended
			September 30				%
			2014		2013		Variance		change
Net gaming wins			$	16,984	$	16,404	$	580	3.5%
Food and beverage sales				1,335		1,095		240	21.9%
Hospitality and other sales				4,336		3,931		405	10.3%
Total revenues				22,655		21,430		1,225	5.7%
Promotional allowances				2,191		1,875		316	16.9%
	Property, marketing and administration			16,956		15,630		1,326	8.5%
Property EBITDA				3,508		3,925		(417)	-10.6%
Property EBITDA as a percentage of revenues				15.5%		18.3%
Depreciation and amortization				2,443		2,873		(430)	-15.0%
Interest and financing costs, net				983		898		85	9.5%
Management fee attributable to non-controlling interest				(64)		78		(142)	-182.1%
Project development				-		-		-	0.0%
Shared based compensation				-		-		-	0.0%
Foreign exchange (gain) / loss				368		1,309		(941)	-71.9%
Other (gains) / losses				(3)		8		(11)	-137.5%
Derivative financial instrument				-		-		-	0.0%
Income taxes				-		308		(308)	-100.0%
Profit / (loss) for the period from continuing operations			$	(219)	$	(1,549)	$	1,330	-85.9%

 

Revenue for the period as compared to the same period in 2013 increase by 0.7%, recovering from the reduced revenue levels against 2013 figures reported in our Q1 2014 and Half-year 2014 Interim Management Statements. Revenues in USD were negatively impacted by forex as on a currency neutral basis revenues were actually 5.7% or $1.2 million higher as compared to the same period in 2013.

EBITDA for the period reduced as the result of higher promotional allowances and property, marketing, and administration expenses (the latter in line with inflation). The Group continues to focus on cost efficiencies.

Loss for the period as compared to the same period last year improved by $1.4 million due to decreases in depreciation and amortization and to reduced foreign exchange losses.

Key business driver - expansion: As previously announced, the Group expects to add 56 new table positions in Q4 2014 at our Luxor operation in Lima. We are also in the process of reallocating our Peru office complex to increase space for third party rentals, which is expected to have an impact late in 2014.

Key business driver - refinancing: The Group continues its efforts to refinance Peru and Peru-related debt, which includes debt on parent company books. The principal balance of Peru and Peru-related debt on corporate books is approximately $29.7 million as of September 30, 2014.

Costa Rica Update

a) Summary Costa Rica Third Quarter 2014 Consolidated P&L:

(In thousands, proportional consolidation)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	8,177	$	9,847	$	(1,670)	-17.0%
Food and beverage sales			842		964		(122)	-12.7%
Hospitality and other sales			122		128		(6)	-4.7%
Total revenues			9,141		10,939		(1,798)	-16.4%
Promotional allowances			219		238		(19)	-8.0%
Property, marketing and administration			6,663		8,095		(1,432)	-17.7%
Property EBITDA			2,259		2,606		(347)	-13.3%
Property EBITDA as a percentage of revenues			24.7%		23.8%
Depreciation and amortization			1,060		1,539		(479)	-31.1%
Interest and financing costs, net			431		557		(126)	-22.6%
Management fee attributable to non-controlling interest			359		565		(206)	-36.5%
Project development			86		63		23	36.5%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			504		(156)		660	-423.1%
Other (gains) / losses			-		17		(17)	-100.0%
Derivative financial instrument			-		-		-	0.0%
Income taxes			96		100		(4)	-4.0%
Profit / (loss) for the period from continuing operations		$	(277)	$	(79)	$	(198)	250.6%

 

b) Summary Costa Rica Third Quarter 2014 Consolidated P&L Adjusted for Currency Neutral:

(In thousands, proportional consolidation under currency neutral)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	8,177	$	9,128	$	(951)	-10.4%
Food and beverage sales			842		894		(52)	-5.8%
Hospitality and other sales			122		119		3	2.5%
Total revenues			9,141		10,141		(1,000)	-9.9%
Promotional allowances			219		221		(2)	-0.9%
Property, marketing and administration			6,663		7,504		(841)	-11.2%
Property EBITDA			2,259		2,416		(157)	-6.5%
Property EBITDA as a percentage of revenues			24.7%		23.8%
Depreciation and amortization			1,060		1,427		(367)	-25.7%
Interest and financing costs, net			431		516		(85)	-16.5%
Management fee attributable to non-controlling interest			359		524		(165)	-31.5%
Project development			86		58		28	48.3%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			504		(145)		649	-447.6%
Other (gains) / losses			-		16		(16)	-100.0%
Derivative financial instrument			-		-		-	0.0%
Income taxes			96		93		(3)	3.2%
Profit / (loss) for the period from continuing operations		$	(277)	$	(73)	$	(204)	279.5%

 

Revenue through Q3 2014 reduced mainly due to the removal of 290 gaming positions between September and October 2013 to reduce fixed gaming tax expense with the goal of improving EBITDA.

EBITDA for the period as compared to the same period in 2013 reduced by 13.3% or $347 thousand, but on a currency neutral basis this reduction lowers to 6.5% or $157 thousand. Please note the key business driver below vis-à-vis the prospective for revenues and EBITDA growth in coming periods.

Loss for the period was driven mostly by $504 thousand of non-cash forex losses and, without these forex losses, would have otherwise resulted in a gain of approximately $227 thousand.

Key business driver - new operation: The Fiesta Casino Aurola, located in the heart of downtown San Jose, opened in late June 2014 and had its formal inauguration in August 2014. This new operation is expected to increase Costa Rica EBITDA in the coming periods.

Key business driver - land sales: The Group's affiliates in Costa Rica own two undeveloped properties: a) Tres Rios, a 8.2-hectare property located on a highway off-ramp on the major highway leading from San Jose to Cartago and in front of a major shopping mall; and b) Escazu, a 2.7-hectare property located in the major commercial growth area of San Jose. Efforts to sell both parcels of real estate are underway with net proceeds projected to pay down Costa Rica debt, and to be distributed and/or used for reserves or development.

Nicaragua Update

a) Summary Nicaragua Third Quarter 2014 Consolidated P&L:

(In thousands)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	8,953	$	9,112	$	(159)	-1.7%
Food and beverage sales			1,183		1,219		(36)	-3.0%
Hospitality and other sales			15		36		(21)	-58.3%
Total revenues			10,151		10,367		(216)	-2.1%
Promotional allowances			1,250		1,450		(200)	-13.8%
Property, marketing and administration			7,171		7,344		(173)	-2.4%
Property EBITDA			1,730		1,573		157	10.0%
Property EBITDA as a percentage of revenues			17.0%		15.2%
Depreciation and amortization			413		485		(72)	-14.8%
Interest and financing costs, net			103		173		(70)	-40.5%
Management fee attributable to non-controlling interest			18		315		(297)	-94.3%
Project development			-		-		-	0.0%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			131		191		(60)	-31.4%
Other (gains) / losses			24		2		22	1100.0%
Derivative financial instrument			-		-		-	0.0%
Income taxes			218		217		1	0.5%
Profit / (loss) for the period from continuing operations		$	823	$	190	$	633	333.2%

 

b) Summary Nicaragua Third Quarter 2014 Consolidated P&L Adjusted for Currency Neutral:

(In thousands, under currency neutral)
		Nine months ended
		September 30				%
		2014		2013		Variance		change
Net gaming wins		$	8,953	$	8,678	$	275	3.2%
Food and beverage sales			1,183		1,161		22	1.9%
Hospitality and other sales			15		34		(19)	-55.9%
Total revenues			10,151		9,873		278	2.8%
Promotional allowances			1,250		1,381		(131)	-9.5%
Property, marketing and administration			7,171		6,994		177	2.5%
Property EBITDA			1,730		1,498		232	15.5%
Property EBITDA as a percentage of revenues			17.0%		15.2%
Depreciation and amortization			413		462		(49)	-10.6%
Interest and financing costs, net			103		165		(62)	-37.6%
Management fee attributable to non-controlling interest			18		300		(282)	-94.0%
Project development			-		-		-	0.0%
Shared based compensation			-		-		-	0.0%
Foreign exchange (gain) / loss			131		182		(51)	-28.0%
Other (gains) / losses			24		2		22	1100.0%
Derivative financial instrument			-		-		-	0.0%
Income taxes			218		207		11	5.3%
Profit / (loss) for the period from continuing operations		$	823	$	180	$	643	357.2%

 

Revenue through Q3 2014 on a US dollar basis reduced because of forex, while on a currency neutral basis, revenues experienced a 2.8% increase. Gaming drop increased by almost $1.9 million over the same period in 2013, though hold percentage fell to 23.3% from 25.0% as compared to the same period in 2013, resulting in the loss of revenue. We believe the reduction in hold percentage is not a trend as there have been no material changes to our gaming rules or positions. The hold percentage of year-to-date 2013 applied to our 2014 year-to-date drop would have materially increased our revenue as compared to last year.

EBITDA for the period as compared to the same period in 2013 improved by 10.0% on a US dollar basis and 15.5% on a Currency Neutral basis as the result of cost management efforts.

Profit for the period improved because of the higher EBITDA, and reduced depreciation and amortization, financing costs, and forex exchange losses.

Other Group Updates

Below are the material changes in our business since filing our 2014 Half-year Report on August 26, 2014:

October 2014 Revenue: The Group reports the following preliminary revenues for October 2014. For a more detailed analysis of October 2014 revenue, please visit www.thunderbirdresorts.com and click on "October 2014 Revenue Report - Analysis" located on the home page under "News and Releases."

Thunderbird Resorts Inc. - Group-wide sales results by country - as reported (unaudited, in millions)(1)		October 2014		October 2013		Year-over-year increase/(decrease)
Peru(2)		$2.62		$2.65		-1.13%
Costa Rica(3)(4)		0.92		1.10		-16.36%
Nicaragua		1.06		1.26		-15.87%
Total Consolidated Operating Revenues		$4.60		$5.01		-8.18%

 

Group revenue on a currency neutral basis for October 2014 vs. October 2013. In this analysis, we apply the average exchange rate for October 2014 to the October 2013 revenues in order to compare the two periods as if there was no impact from foreign exchange whatsoever.

Thunderbird Resorts Inc. - Group-wide sales results by country - currency neutral (unaudited, in millions)(1)				October 2014		October 2013		Year-over-year increase/(decrease)
Peru(2)				$2.62		$2.54		3.15%
Costa Rica(3)(4)				0.92		1.02		-9.80%
Nicaragua				1.06		1.20		-11.67%
Total Consolidated Operating Revenues				$4.60		$4.76		-3.36%
1	Revenues reported are based on monthly average exchange rates, report same store revenues and are in USD millions. From month to month, exchange rate fluctuations could cause an impact on revenues as compared to the previous year.
2	2014 and 2013 revenues consist of all gaming revenue in the country plus revenue from our fully-owned Fiesta Hotel and management fees for the Thunderbird Hotel - Pardo, Thunderbird Hotel - Carrera and Thunderbird Hotel - El Pueblo, which are owned by third parties.
3	Effective January 1, 2013, IFRS 11 changed the way that joint ventures are accounted for whereby proportional consolidation is no longer allowed and equity accounting should be applied to joint ventures. Until further notice and for the convenience of the reader and for the illustrative purposes of this monthly revenue report, the Group has elected to continue to show the Costa Rican joint venture proportional revenues, which vary from the way that the Group accounts for these revenues in our Interim and Annual Financial Statements.
4	In October 2013, we reduced 290 gaming positions in Costa Rica that cost more to maintain on the floor (because of per position gaming taxes) than their respective revenue. As a result, period revenue has dropped, but should be reflected in enhanced EBITDA from the related properties. In late June, the Group soft opened the Casino Fiesta Aurola in downtown San Jose with 122 slot machines (expanding to 148 slot machines), 27 gaming table positions (non-poker), 3 poker tables, and 36 F&B seats. Formal inauguration took place in August 2014.

 

Funding Completion and Construction Start of the Pharaohs Casino Bolonia in Nicaragua: On October 14, 2014, Thunderbird announced the funding completion for its Pharaohs Casino Bolonia with a $1.0 million, 7-year term loan granted by a local bank. The construction of this 1,200 square meter entertainment venue with 115 slot machines and 21 gaming table positions has now commenced, and is anticipated to open for business by Q2 2015. The property is located in Residencial Bolonia, a premium area in the heart of Managua in which the government is investing heavily to promote tourism. The Company will move its Pharaohs Holiday Inn property to this new location, which is owned by the Company and which has far superior market visibility, parking and distribution for our business. The facility is also larger and has expansion possibilities. To start, we will add 32 slot machine positions as compared to the existing venue.

Resolved Litigation with Solar Entertainment: The Group announced on October 14, 2014, that the litigation with Solar Entertainment Corporation ("Solar") in the Philippines has been resolved and fully settled. The Company has received $3.35 million, which represents 100% of the financed portion of the purchase price as well as a portion of the funds held back to cover potential contingent liabilities. All settlement agreements are now fully implemented. There remain no further obligations of the Company to Solar related to the August 2013 sale transaction.

Election of Directors and Officers: On October 26, 2014, the Group held its Annual General Meeting of Shareholders. At the meeting, the shareholders elected the following directors for the ensuing year: Salomon Guggenheim, Douglas Vicari, Reto Stadelmann, Madeleine Linter, George Gruenberg, and Albert W. Atallah. The Board of Directors then held a meeting and appointed the following persons as officers of the Group for the ensuing year: Salomon Guggenheim, President and Chief Executive Officer; Albert Atallah, General Counsel and Corporate Secretary; Peter LeSar, Chief Financial Officer; and Tino Monaldo, Vice President - Corporate Development. Grant Thornton UK, LLP was appointed as auditors for the ensuing year.

Change of Auditor: Thunderbird Resorts Inc. announces as of the date of this Interim Management Statement for the third quarter 2014 that it has changed its public company auditor from Grant Thornton UK LLP to Baker Tilly Curacao for our full-year 2014 consolidated group audit. Baker Tilly Curacao is licensed by the AFM to audit companies that are publicly traded on the NYSE Euronext (Amsterdam). This change is based on factors internal to Thunderbird and is not a reflection on the quality of work provided by Grant Thornton UK LLP. None of the internal factors relate to any dispute with Grant Thornton UK LLP whatsoever. Thunderbird acknowledges and appreciates the service provided by Grant Thornton UK LLP and looks forward to working with Baker Tilly Curacao.

Document Availability: This announcement is a summary of, and should be read in conjunction with the Interim Management Statement for the third quarter of 2014, which can be found on the Group's website at www.thunderbirdresorts.com. Copies of the Interim Management Statement in the English language are available at no cost at the Group's operational office in Panama and at the offices of our local paying agent ING Commercial Banking, Paying Agency Services, Location Code TRC 01.013, Foppingadreef 7, 1102 BD Amsterdam, the Netherlands (tel: +31 20 563 6619, fax: +31 20 563 6959, email: [email protected]). Copies are also available on SEDAR at www.SEDAR.com.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available at www.thunderbirdresorts.com.

Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Group's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Group's documents filed from time-to-time with the AFM and other regulatory authorities.

Contact Information

• Thunderbird Resorts Inc.
  Peter LeSar
  Chief Financial Officer
  (507) 223-1234
  [email protected]

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