Baymount Incorporated

Baymount Incorporated

January 15, 2008 12:03 ET

Baymount to Maintain Belleville Track for Training in 2008

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2008) - Baymount Incorporated ("The Company") (TSX VENTURE:BYM) is pleased to announce that the existing Quinte Exhibition and Raceway will remain open for training in 2008, and will continue to do so until the new facility has been constructed. In 2007, Baymount ensured that local horse people had access to the facility for the training and development of their horses and as further illustration of their commitment to horseracing in Belleville, Baymount will continue to maintain the facility for training throughout 2008.

Mr. Graham Simmonds, President and CEO of Baymount stated, "Baymount is committed to supporting local racing in the Belleville area. As in 2007, we will continue to provide funding to the Belleville Agricultural Society to allow for the maintenance of the existing racetrack for local horse people to utilize for training. This remains only an interim solution and Baymount is committed to bringing Belleville a new facility featuring a superb new racing surface designed by Paul Kurtz."

Local horse people also commented on the support provided by Baymount. Dr. Peter Oddie of the St. Lawrence Veterinary Service stated, "This is going to take tremendous pressure off of our local horse people, and give them time to find other training facilities in the future."

Also expressing gratitude was a former representative of local horse people, Mr. Terry Collins, "Thank-you Baymount for your help in allowing the local horse people to use the track for training purposes."

With the completion of a recent $2 million private placement, and the signing of a construction financing term sheet in November, Baymount is now preparing to commence construction of the new Quinte Exhibition, Raceway and Slots.

"We are very pleased with the response and support from strategic investors in the recent private placement," Simmonds said. "We will continue to streamline operations, including the implementation of significant operational cost savings, while maintaining our focus on the completion of the new Quinte facility. Completing the construction of the new facility and maintaining our ongoing focus on a path to revenue and profitability is our highest priority."

Further to this goal, Baymount has recently appointed Mr. David Tsubouchi to the Board of Directors of the company. Once regulatory approvals have been secured, Mr. Tsubouchi will also serve as the Chair of the Corporate Governance Committee of the Board of Directors.

About Baymount

The Company 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 Incorporated's wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC") 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.


Graham Simmonds, President & Chief Executive Officer

For additional information please visit the company's website at

Forward-looking Statements

This press release contains certain forward-looking statements with respect to the Corporation. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Baymount Incorporated
    Mr. Graham Simmonds
    President and Chief Executive Officer
    (416) 979-2881 Ext. 223