Baymount Incorporated

Baymount Incorporated

March 18, 2008 09:46 ET

Baymount: Excess Lands Option Exercised

TORONTO, ONTARIO--(Marketwire - March 18, 2008) - Baymount Incorporated (the "Company") (TSX VENTURE:BYM) is pleased to announce that the previously announced purchase option granted to a real estate syndicate company that includes Projacs Canada, a subsidiary of Projacs International, has been exercised and that an initial deposit of $250,000 has been received. That deposit will be refundable until such time as the Company breaks ground on its New Quinte Raceway and Exhibition project, following which the deposit will become non-refundable. The option applies to the Company's 55 acres of excess land in Belleville, Ontario and the total purchase price is $5.5 million. The closing of this land transfer is expected to occur prior to September 1, 2008.

Baymount is also retaining a 10% net-profit interest in the land for five years from the closing date. This transaction relates only to the Company's 55 acres of excess land in Belleville that are not required for its Racino and exhibition facilities. The Company will continue to own approximately 80 acres for this purpose. The transaction may be subject to required regulatory and other approvals.

"This transaction marks a significant milestone for our Company," said Mr. Graham Simmonds, President and CEO of Baymount. "The sale of these lands not only strengthens the Company's financial position, it also ensures that we have a quality strategic partner to help us capitalize upon the potential this location offers. The Racino is only one element of the development, albeit a large one. This deal with Projacs will make sure that it is a true destination spot - a "destination of choice," providing numerous amenities, in addition to horseracing and gaming."

Established in 1984, Projacs International is a project management firm boasting 18 offices in 18 major cities in the Middle East, North America, Asia, Europe, and North Africa, with extensive experience in hospitality and entertainment construction, including hotels, resorts and sports centers, as well as retail developments.

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