Baymount Incorporated

Baymount Incorporated

January 31, 2008 08:30 ET

Baymount Options Excess Lands to International Developer

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2008) - Baymount Incorporated (the "Company") (TSX VENTURE:BYM) is pleased to announce that it has entered into an agreement to option its excess lands in Belleville to a real estate development syndicate, which includes Projacs Canada Inc., a subsidiary of Projacs International.

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. The option 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 80 acres for this purpose. As a good faith indication of their commitment to pursuing the project, a member of the development group has also arranged for a strategic investment of $250,000 in Baymount common shares at $0.10 per share. The option is to purchase the excess lands for a total of $5.5 million, with Baymount retaining a 10% net-profit interest for five years. The option expires March 15th, 2008.

"With the completion of a recent $2 million private placement, and the signing of a construction financing term sheet in November, Baymount is now preparing to commence construction of the new Quinte Exhibition, Raceway and Slots," said Mr. Graham Simmonds, President and CEO of Baymount., "This option agreement is evidence of our commitment to maximize shareholder value with regard to our real estate holdings and to involve quality strategic partners to ensure our goal of making this exciting development a 'destination of choice' providing numerous amenities, including racing and gaming."

Baymount is also pleased to announce that Paul Bolger, corporate counsel to the Company, has been appointed as Corporate Secretary of the Company, subject to regulatory approval. Mr. Bolger is a partner in the law firm of TingleMerrett LLP, with a practice focused on securities, corporate finance and commercial transactions for emerging and growth entities. Mr. Bolger will replace Mark Gregory in the role of Corporate Secretary. Mr. Gregory will continue to hold the office of VP Corporate Development on a part-time basis and will also serve as a member of the Company's Advisory Board.

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 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 Company. 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