Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

June 23, 2009 17:57 ET

Baymount Announces Negotiations re Quinte Racino Project Development

TORONTO, ONTARIO--(Marketwire - June 23, 2009) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM), a company focused on developing horseracing properties and innovative wagering products, announces today that following an extensive process over the course of the past five months it is now negotiating an agreement with a strategic joint venture partner to participate directly in the Company's Quinte Racino Project. The joint venture will be structured to provide the capital needed at the subsidiary level without the need for a substantial equity issuance at the public company level. The use of proceeds of this transaction will be for the retirement of debt and to provide the necessary capital to complete the Quinte Racino Project construction. The Company will provide further updates and announcements with greater detail if negotiations result in a formal agreement.

The Quinte Racino Project will be the 18th and final Racino facility to be built in Ontario, ideally situated in an under-serviced market with no other gaming location for over 100 km. To date, Baymount has secured an agreement with the Belleville Agricultural Society, purchased 137 acres of land adjacent to Highway 401 in Belleville, Ontario, and secured a Site Holder Agreement to host an Ontario Lottery and Gaming Corporation ("OLG") operated slots-at-racetracks facility.

About Baymount

Baymount seeks out and develops opportunities within the horseracing industry. It is the Baymount philosophy to create entertainment destinations for consumers while providing our investors with a vehicle that allows them to participate in the growth of Canadian gaming at racetracks.

Baymount's wholly-owned subsidiary, Belleville Racetrack Development Corporation, has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway in Belleville, Ontario. QER is one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's Slots-at-Racetracks program. In 2006, the Alcohol and Gaming Commission of Ontario found BRDC suitable to act as Landlord for the proposed OLG gaming premises to be located at the new QER. The Company has also received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission.

For additional information please visit the company's website at www.bym.ca.

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.

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.

Contact Information

  • Baymount Incorporated
    Mr. Graham Simmonds
    President and Chief Executive Officer
    416-979-2881 Ext.223
    graham@bym.ca
    www.bym.ca