Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

June 23, 2011 03:59 ET

Philippines Update Preliminary Injunction Granted-Protecting Rights to Operate

PANAMA, REPUBLIC OF PANAMA--(Marketwire - June 23, 2011) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) previously announced that its affiliates in the Philippines, Eastbay Resorts, Inc. ("ERI") and Thunderbird Pilipinas Hotels and Resorts, Inc. ("TPHR") filed lawsuits against the Philippine Amusement & Gaming Corporation ("PAGCOR"). The lawsuits were filed in response to notifications by PAGCOR that it "would initiate cessation proceedings" unless by 3 June 2011 ERI and TPHR provided "written unconditional acceptance" of onerous new Authority to Operate ("ATOs") terms proposed by PAGCOR. The ATOs do not grant the right to PAGCOR to unilaterally impose new conditions and to threaten termination on this basis. Upon presentation of the ERI and TPHR lawsuits, the Court granted 20-day temporary restraining orders ("TROs") enjoining PAGCOR from initiating the threatened cessation proceedings. The Group is pleased to announce that on 23 June 2011, the Philippine Regional Trial Court issued a "Writ of Preliminary Prohibitory Injunction" directing PAGCOR to cease and desist from initiating and completing cessation or other similar proceedings against TPHR's and ERI's business operations. This order protecting ERI and TPHR rights to operate shall remain in full force and effect indefinitely unless modified by the court. ERI and TPHR will continue with this litigation seeking specific performance from PAGCOR to respect the original terms and conditions of their respective ATOs. The trial date has not yet been set by the Court.

The Group reiterates that we take seriously our responsibilities to our employees, to the communities where we operate, and to the provincial economies of those communities. Currently, we employ over 1,300 people, providing good wages and benefits. We continuously support the Provinces of Rizal and La Union through various community activities. Our facilities also support over 1,700 local vendors, spending with them over PHP 5.2 billion in the past 6 years. We have spent over PHP 27 million on various social responsibility initiatives. These include monthly medical missions where we distribute medical care to the local areas in Rizal and Poro Point to over 10,000 constituents, an adopted school program affecting over 3,500 students in 2010, typhoon relief programs and donations to various other charities. In order to protect our employees and our businesses, ERI and TPHR had no choice but to seek the protection of the courts.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Central America, South America, Southeast Asia, and India. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available on its World Wide Web site at www.thunderbirdresorts.com.

Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Group are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Group's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Group's documents filed from time-to-time with the NYSE Euronext Amsterdam and other regulatory authorities.

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