Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

January 06, 2005 14:53 ET

Thunderbird Update




JANUARY 6, 2005 - 14:53 ET

Thunderbird Update

POWAY, CALIFORNIA--(CCNMatthews - Jan. 6, 2005) - International
Thunderbird Gaming Corporation (CNQ:ITGC.U) announces the following:

The Company's gaming and casino operations throughout Central and Latin
America performed extremely well during the month of December 2004. The
Panama operation, of which the Company owns 50%, generated revenue of
$3,538,000; in Guatemala the operation generated revenue of $534,000; in
Nicaragua the two casinos of which the Company owns approximately 52%
generated $738,000; in Venezuela the Fiesta Casino, of which the Company
owns 29%, once again generated record revenues of $906,000; and in Costa
Rica, of which the Company owns 50%, the operation generated $384,000 of

2005 will be a year of significant growth for the Company. In Chile, the
gaming legislation is expected to be signed into law this month, after
having been approved by both houses and the Constitutional Court. The
Company has completed its due diligence, has aggressive, ongoing
development efforts, and is poised to bid on several casino-hotel
projects that the Chilean government will schedule for mid-2005. The
Fiesta casino projects in San Jose, Costa Rica and in Manila,
Philippines are proceeding on schedule. The Company expects each of
these operations to open in March and April, 2005, respectively. The
Company also has under development a new casino in Managua, Nicaragua,
which will open in April, 2005.

The Company expects that the NAFTA arbitration decision concerning the
Mexico operations will be issued sometime within the next three months.

The Company filed a Form 15 Termination Statement with the U.S.
Securities and Exchange Commission ("SEC"), to terminate the
registration of its common shares under the Securities Exchange Act of
1934, pursuant to Regulation 240.12g-4 which provides that a
termination is appropriate if such class of securities is held "of
record" by less than 300 persons. The term "of record" is defined as the
owner of such securities on record of security holders maintained by or
on behalf of the issuer. The reason for this action is the extremely
high costs to comply with the new and various SEC reporting
requirements, including a substantial increase in audit and consulting
fees. By way of background, the Company filed the initial form 20F in
1995 in order to pursue a U.S. listing. The filing of the 20F and
related SEC quarterly filings since then has been extremely expensive.
The initiation of the annual form 20F filing was part of a long term
strategy which previous management believed would take the Company from
its listing with the TSX and on to a U.S. exchange. This never occurred.
The Company is faced with the enormous rising costs of meeting the new
standards required by the annual SEC filing of the 20F and quarterly
statements while not benefiting from a U.S. listing. While the Company
understands that Canada may likely adopt most of the same requirements
under its own laws, there would still be a significant cost with
maintaining the U.S. registration. Most financial experts agree the new
reporting requirements generally do not differentiate between the
largest and smallest corporations, and have a disparate impact on
smaller companies that are not easily able to absorb growing compliance
costs. The cost of attracting and retaining qualified independent
directors to serve on public boards and newly-created committees is less
easily calculated, but not insignificant. The Company is continuing to
investigate and determine whether a listing on another exchange may be
appropriate. The Company will continue to meet all of its regulatory
obligations and requirements, subject to and in compliance with the laws
and accounting principles of Canada.

International Thunderbird Gaming Corporation is an owner and manager of
international gaming facilities. Additional information about the
Company is available on its World Wide Web site at

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

Cautionary Notice: This release contains certain forward-looking
statements within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein, including without
limitation, statements regarding potential revenue and future plans and
objectives of the Company 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 Company'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 Company's documents filed from time-to-time with
the CNQ and other regulatory authorities.


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