Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

August 17, 2007 13:05 ET

Baymount Incorporated: Update on the New Quinte Racino Development

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2007) - Baymount Incorporated ("Baymount") (TSX VENTURE:BYM) continues to aggressively pursue its development of the new Quinte Exhibition and Raceway to be located on the Company's land in Belleville, Ontario. Significant milestones having been completed, including the entering into of a Prescribed Lottery Scheme Site Holder Agreement with the Ontario Lottery and Gaming Corporation ("OLG") for the hosting of an OLG slot machine gaming floor at the new Quinte Exhibition and Raceway ("QER"), Baymount is now in the process of finalizing its project financing for the facility.

Since signing the Site Holder Agreement with OLG, the Company has continued to work closely with OLG to move the development forward. During this period, Baymount has refined the development plans and has created a very efficient and exciting new Racino concept. While the construction start time has not been finalized at this point, the Company remains focused on a timely opening of the new facility.

Additionally, Baymount owns approximately 63 acres of additional land adjacent to the new QER development with ten of these acres bordering Highway 401. The Company is currently evaluating both potential development opportunities and potential sales of these lands with a view to enhancing both near and long term shareholder value.

The next steps for Baymount include finalizing the project 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, which is expected in the near future. Once these steps have been completed the Company can move forward with construction of the new QER.

Mr. Graham Simmonds, President and Chief Executive Officer of Baymount stated, "We have been delighted with our working relationship with OLG and remain very excited about this project. We are continuing to work closely with OLG to bring this significant new development to the City of Belleville."

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 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.

For additional information please visit the company's website at www.bym.ca.

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
    Email: graham@bym.ca
    Website: www.bym.ca