Thunderbird Resorts Inc.
FRANKFURT : 4TR
EURONEXT : TBIRD

Thunderbird Resorts Inc.

January 06, 2011 17:44 ET

Thunderbird Resorts Inc.: December 2010 Revenue Report; Interim Chief Financial Officer; Sale of Guatemala Operation

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Jan. 6, 2011) - Thunderbird Resorts Inc. (FRANKFURT:4TR)(EURONEXT:TBIRD) ("Thunderbird" or "Group") reports the following revenues for December 2010 compared with December 2009:

Thunderbird Resorts Inc. – Group-wide sales results by country (unaudited) (in thousands) December 2010 December 2009 Variance by% increase/(decrease)
Costa Rica $1,966 $1,786 10.1%
Nicaragua 1,110 1,230 (9.8%)
Guatemala 317 363 (12.7%)
Philippines 4,023 3,568 12.8%
Poland 131 262 (50.0%)
Peru Gaming 2,280 1,907 19.6%
Peru Hotel 1,338 1,174 14.0%
Total Consolidated Revenues $11,165 $10,290 8.5%

APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER

Thunderbird is pleased to announce the appointment of Peter LeSar as interim Chief Financial Officer. In the Group's third quarter Interim Management Statement, the Group reported that Michael G. Fox, Thunderbird's Chief Financial Officer ("CFO"), submitted his resignation of his position as CFO for personal reasons made effective 31 December 2010. Mr. Fox will remain with the Group as Chief Financial Officer for Latin America. Yuichi Iwata will continue to serve as Group Financial Controller with a special emphasis on our public reporting and on our business in the Philippines and Asia. As Vice President of Business Development for more than a decade and more recently as Vice President of Development and Finance, Peter LeSar has been instrumental in the Group's efforts to raise capital in Asia and in building and maintaining relations with many of our key project-level and corporate level investors. In his development role over the years, he has also played an important role in risk management and strategic decisions that are a key aspect of the CFO role. The Company's current plans are to appoint a permanent CFO by the next annual general meeting of shareholders.

SALE OF GUATEMALA OPERATION

Management believes that it is in the best interests of the Group and its shareholders to divest itself from Guatemala. Management pursued a sale of the Guatemala operation to a group controlled by former Thunderbird employees (the "Purchaser") that have experience in Guatemala. Effective 31 December 2010, the Group entered into an agreement to transfer its operations to the Purchaser for consideration of approximately $2.1 million in a promissory note and approximately $464,000 of debt assumption. The instalment payments will be made over a 6 year term. The Group has previously written down the entire Guatemala investment. Guatemala's unaudited revenue for the 12 months ended 31 December 2010 was $3,080,000 and EBITDA for the 9 months ended 30 September 2010 was ($420,000). This compares to revenues of $3,538,000 and $4,478,000 for the years ended 31 December 2009 and 31 December 2008, respectively. EBITDA for the years ended 31 December 2009 and 31 December 2008 were ($1,020,000) and ($1,111,000), respectively. The success of the proposed sale will depend on the purchaser's ability to operate the business more efficiently without the costs associated as a subsidiary of a public company. Management believes that efforts to liquidate the assets in Guatemala would bring less revenue to the Company than this transaction.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Central and, 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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