Baymount Incorporated
TSX VENTURE : BYM

Baymount Incorporated

June 23, 2011 11:08 ET

Baymount Receives ORC Preliminary Approval for a License to Operate a Racetrack

TORONTO, ONTARIO--(Marketwire - June 23, 2011) - Baymount Incorporated ("Baymount") (TSX VENTURE:BYM) is pleased to announce that Baymount and its subsidiary Belleville Racetrack Development Corporation ("BRDC") have received Preliminary Approval for a License to Operate a Racetrack from the Ontario Racing Commission ("ORC"). This supersedes the Preliminary Approval from the ORC that was previously issued on June 26, 2006. This is a critical step within the regulatory process and allows the company to further the development of the new Quinte Exhibition and Raceway in Belleville, Ontario. Final approval from the ORC is not issued until the facility is complete and BRDC and Baymount have satisfied the terms and conditions of the Preliminary Approval.

About Baymount

Baymount seeks out and develops opportunities within the horse racing industry. The Company's subsidiary, Belleville Racetrack Development Corporation, 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. BRDC has been found suitable by the Alcohol and Gaming Commission of Ontario to act as Landlord for the proposed OLG gaming premises to be located at the new QER.

ON BEHALF OF BAYMOUNT INCORPORATED

Graham Simmonds, President & Chief Executive Officer

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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Baymount Incorporated:
    Mr. Graham Simmonds
    President and Chief Executive Officer
    416-843-2881
    graham@bym.ca
    www.bym.ca