Thunderbird Update
(Thomson Reuters ONE) - PANAMA CITY, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 11/25/09 --Thunderbird Resorts Inc. (the "Group "or "Thunderbird") (FRANKFURT:4TR) (EURONEXT: TBIRD) announces:Panama's Director of Gaming (the "Director") issued a non-public"Directive" in late October ("the Directive") to the Group's Panamasubsidiary, International Thunderbird Gaming (Panama) Corporation("Fiesta-Panama"). This Directive claims that Fiesta-Panama's boardof directors is not properly "certified". Additionally, the Directorclaims that Fiesta-Panama's operations sustained operating losses andalleged other incorrect statements relating to Fiesta-Panama and theGroup's financial condition. As disclosed in the Group's Q3 2009Interim Management Statement filed on 11 November 2009, our financialstatements clearly set forth that these assertions are incorrect.Fiesta-Panama is and has been profitable and is current in its debtand vendor payments. In November, Fiesta-Panama presented a"constitutional warning" which is now before the Supreme Court ofPanama challenging the constitutionality of the law relied upon bythe Director. According to the laws of Panama, the "constitutionalwarning" requires the Directive to be held in abeyance pending reviewby the Supreme Court. Furthermore, the "constitutional warning"requires the Panama Gaming Control Board to "cease and desist" fromtaking any and all actions that they have attempted to undertake withrespect to the Directive. The presently constituted board ofdirectors had submitted requests in a timely manner for certificationfrom the Gaming Control Board. As of 25 November 2009, the Directorsought to insert three appointed individuals as members of the boardof directors of Fiesta-Panama, despite such action being in clearviolation of Panama law as confirmed by our legal advisors.The Panama General Revenue Office of the Economy and FinanceDepartment has recently issued a non-public resolution toFiesta-Panama relying on "circumstantial evidence" to conclude that apreliminary tax assessment of $3.6 million is owed by Fiesta-Panama.As a result of this "preliminary audit", a government administratorwas appointed to monitor the Fiesta-Panama operations while theGroup's six Fiesta-Panama casinos continue to operate the business asnormal. The "preliminary audit report" provided no support on how thetax was calculated. This preliminary tax assessment is subject tofinal audit findings. We believe these actions taken by the taxauthorities will be set aside once the final audit findings aredetermined. Fiesta-Panama's audits and tax filings have always beenconducted by independent, internationally renowned audit and taxpreparer firms.The above mentioned proceedings initiated by the Gaming Control Boardand the Panama General Revenue Office of the Economy and FinanceDepartment were believed to be non-public confidential matters underPanama law as final outcomes have not been determined. Now, in lightof the recent news stories that have appeared in Panama containingcertain false information regarding the Group and the aforementionedproceedings involving Fiesta-Panama, this press release is beingissued to explain the Group's position . Neither the Group norFiesta-Panama will "litigate" its legal proceedings in the press.While we are extremely disappointed by the actions of certainmisinformed government officials, we will continue to cooperate andprovide the government with all requested and relevant informationthat supports our position. At the same time, Fiesta-Panama (as ithas for the past 11 years) will provide the same quality services toour clients and will provide a secure place of employment for ourmore than 1,200 valued Panama employees while maintaining ourexcellent credit rating with lenders and providers. Thunderbird andFiesta-Panama will continue to challenge the aforementioned actionsbut will not engage in responding to false rumors andmisrepresentations.ABOUT THE COMPANYThunderbird Resorts Inc. is an international provider of brandedcasino and hospitality services, focused on markets in Central and,South America, Southeast Asia, India and Eastern Europe. Our missionis to "create extraordinary experiences for our guests." Additionalinformation about the Group is available on its World Wide Web siteat www.thunderbirdresorts.com.Cautionary Note with regard to "forward-looking statements"This release contains certain forward-looking statements within themeaning of the securities laws and regulations of variousinternational, federal, and state jurisdictions. All statements,other than statements of historical fact, included herein, includingwithout limitation, statements regarding potential sales and futureplans and objectives of the Thunderbird Resorts Inc. (the "Group" orthe "Company") are forward-looking statements that involve risk anduncertainties. There can be no assurances that such statements willprove to be accurate and actual results could differ materially fromthose anticipated in such statements. Important factors that couldcause actual results to differ materially from the Group'sforward-looking statements include competitive pressures, unfavorablechanges in regulatory structures, and general risks associated withbusiness, all of which are disclosed under the heading "Risk Factors"and elsewhere in the Group's documents filed from time-to-time withthe Euronext Amsterdam by NYSE Euronext ("Euronext Amsterdam"), theregulated market of Euronext Amsterdam N.V. and with various CanadianSecurities commissions as well as other regulatory authorities.Contacts:Thunderbird Resorts Inc.Kevin McDonaldInvestor Relations(858) 668-2503kevin.mcdonald(at)thunderbirdresorts.comThunderbird Resorts Inc.Michael G. FoxChief Financial Officermfox(at)thunderbirdresorts.com / info(at)thunderbirdresorts.comwww.thunderbirdresorts.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.11.2009 - 01:55 Uhr
Sprache: Deutsch
News-ID 8854
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