Baymount Incorporated

Baymount Incorporated

March 21, 2007 16:29 ET

Baymount Announces New Meeting Date

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - Baymount Incorporated ("Baymount") (TSX VENTURE:BYM) announced today that it has rescheduled its Annual Meeting of shareholders, which was initially called for March 21st, 2007. The company today gave notice that the meeting will now be an Annual and Special Meeting of shareholders and that the Record Date will be April 13th, 2007 and the Meeting Date will be May 17th, 2007. The location of the meeting will be determined at a later date.

Baymount continues to develop the new Quinte Exhibition and Raceway (the "new QER") in Belleville, Ontario. The new racino will be constructed on the company's Belleville property which is located on Bell Boulevard near the Wallbridge-Loyalist Road and Highway 401 interchange. The planned 75 acre development will feature a 35,000 square foot clubhouse and gaming facility that will include a state of the art simulcast area and lounge, the slot gaming floor owned and operated by the Ontario Lottery and Gaming Corporation ("OLG") and a 108 seat restaurant also owned and operated by OLG. The outdoor grandstand will feature 215 seats and a patio dining area overlooking the new half mile racetrack. The planned development will also feature an expandable 60,000 square foot shared paddock and exhibition facility that will provide for events throughout the year. The exhibition and its events will continue to be operated by the Belleville Agricultural Society.

The company also owns an additional 63 acres of future commercial development land adjacent to the new racino development with ten of these acres bordering Highway 401. The company is currently evaluating potential development and/or sale opportunities for these lands.

The next steps for Baymount include finalizing the construction financing for the development and completing the working drawings for the facility. The development remains subject to Site Plan Approval from the City of Belleville and this is expected in the near future. Once these steps have been completed the company can move forward with construction of the new QER.

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 ("BRDC") has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway ("QER") 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.

Baymount is also pursuing a standardbred racing license for the development of a new racetrack and gaming facility in Brandon, Manitoba. In addition to these exciting development opportunities, Baymount also owns the FasTrack information product, a proprietary horseracing information product with an easy-to-use design that can be used to introduce new fans to the sport of horseracing.

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