Clairvest Group Inc.

January 31, 2010 11:52 ET

State of New York Selects Clairvest Backed Aqueduct Entertainment Group as Casino Operator at the Aqueduct Racetrack

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2010) - Clairvest Group Inc. (TSX:CVG) today announced that the State of New York has selected Aqueduct Entertainment Group ("AEG") as the preferred bidder for a license to operate a new casino at the Aqueduct Racetrack in Queens, NY. The consortium includes Clairvest, Navegante Group Inc., GreenStar Services Corporation, Levine Builders and Turner Construction.

The selection of AEG is subject to certain conditions and final documentation including an agreement with the State of New York. "Clairvest believes it has partnered with some of New York's finest and most proven construction companies," said Jeff Parr, Co-CEO and Managing Director of Clairvest. "The selection of AEG by the Governor and the legislative leaders recognizes Clairvest's experience in local market gaming, the strength of our partners and our commitment to supporting the local community."

The license will grant a minimum 30-year exclusivity to operate the facility which will include at least 4,500 video lottery terminals and a host of complementary entertainment amenities.

Please refer to the news releases of the Governor or New York and of the Speaker of the New York Assembly for more information.

Forward-Looking Statements

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. These risks include the possibility of conditions not being met and documentation not being concluded. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

About Clairvest

Clairvest Group Inc. is a Canadian merchant bank that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Contact Information

  • Clairvest Group Inc.
    Caroline Montminy
    Director, Investor Relations and Marketing
    (416) 925- 9270
    (416) 925-5753 (FAX)