Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

May 12, 2011 10:15 ET

Thunderbird Resorts Inc.: Final Agreements Executed for India Completion Funding April 2011 Revenue

PANAMA, REPUBLIC OF PANAMA--(Marketwire - May 12, 2011) -Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) is pleased to report that its India affiliate Daman Hospitality Private Ltd. ("DHPL") has entered into final agreements for project completion funding with Delta Corp Ltd (Bombay Stock Exchange trading symbol "deltacorp"): The Group previously announced the execution of a Term Sheet for the planned addition of another equity partner into its India affiliate, Delta Corp. Ltd. will fund approximately $21M into DHPL, of which approximately $11M is equity and $10M is debt. Delta Corp Ltd will be responsible for securing any new debt. Delta Corp Ltd is now the 51% owner in the hotel and Thunderbird and its original Indian partners will own the other 49%. Thunderbird will continue to operate the hotel with a management contract. The hotel construction shall resume immediately and we anticipate completion in phases with a full opening in late 2011. As previously announced, simultaneous with and contingent upon the execution and funding of Delta Corp Ltd's infusion of new equity into the India project, the Group will issue Delta 840,000 shares of its common stock at a price of $2.00 per share. Delta Corp Ltd has until no later than 31 May 2011 to fund this share purchase or the subscription will automatically terminate. The Group anticipates using the $1,680,000 in proceeds for general working capital purposes.

April 2011 Revenue:

Thunderbird reports the following revenues for April 2011:

Thunderbird Resorts Inc. – Group-wide sales results by country (unaudited, in thousands)April
Costa Rica$1,507$1,620(7.0)%
Peru Gaming2,1681,90214.0%
Peru Hotel (1)918928(1.1)%
Total Consolidated Revenues$9,945$8,99110.6%
  1. April 2011 revenues consist of revenue from the El Pueblo and Fiesta hotels only + managements fees for the Thunderbird Hotels-Pardo, Thunderbird Hotels-Carrerra, Thunderbird Hotels-Bellavista, and Thunderbird Hotels-Principal; April 2010 revenues consist of revenue from the Thunderbird Hotels-El Pueblo and Thunderbird Hotels-Fiesta only + management fees for the Pardo hotel


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

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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