Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

February 23, 2011 13:16 ET

Thunderbird Resorts Inc.: Update on Completion Funding for India Project January 2011 Revenue

PANAMA, REPUBLIC OF PANAMA--(Marketwire - Feb. 23, 2011) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following:

The Group is pleased to announce the execution of a letter of intent for the planned addition of another equity partner into its India affiliate, Daman Hospitality Pvt. Ltd. ("DHPL"). Delta Corp Ltd (Bombay Stock Exchange: DELT.BO) ("Delta") will provide "completion funding" to DHPL that should culminate in opening the first Thunderbird branded property in India. The investment is being arranged by the INTERAA group, based out of Mumbai and Singapore, which has been an advisor to Thunderbird in India.

When fully documented, Delta will become a 51% owner in the hotel and Thunderbird will continue to operate the hotel with a management contract. Based on the letter of intent, with this infusion of new equity by Delta into the project, Thunderbird and the initial India partner in the hotel will be reduced to 49% ownership collectively. Delta will own the 51% balance.

Simultaneous with and contingent upon the execution and funding of Delta'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 upon the completion of the definitive documentation. The Group anticipates using the $1,680,000 in proceeds for general working capital purposes. The completion of this transaction is subject to various conditions including the preparation, negotiation and execution of "Definitive Agreements".

About Thunderbird Resorts-Daman (DHPL)
Thunderbird Resorts – Daman (DHPL) is constructing a five-star 176 room hotel with 7 world class dining and bar outlets and outdoor and indoor event areas for up to 2,000 people. Construction is substantially complete; 100% of heavy equipment such as elevators and electrical generators has been purchased; 35% of operating supplies have been purchased and finishing works are approximately 30% complete. The Group still anticipates opening a first phase of the operation within 120 to 180 days after the "completion funding" is received and the remaining areas within 90 to 120 days following the opening of the first phase. The Group remains very excited about this project and the fact that it positions Thunderbird to launch its resort brand into the second most populated market in the world.

About Delta
Delta Corp Ltd is the largest gaming company in India (offering over one thousand gaming positions) and is the only listed company in this space. Its market cap is approximately $320M. Delta is an early entrant in this space and has attained leadership position in a short span of time. Delta's stock is owned by a clutch of investors, including billionaire investor Rakesh Jhunjhunwala and Radhakrishna Damani, among other credible investors. Over 40% of Delta's shares are controlled by Jaydev Mody, who is Delta's promoter and non-executive Chairman. The Company owns and operates offshore live gaming casinos in the beach resort state of Goa and also manages an onshore casino, Casino Royale Riviera in the hotel "Riviera De Goa Resort" under a casino management agreement.

Thunderbird reports the following revenue for January 2011 compared with January 2010:

Thunderbird Resorts Inc. – Group-wide revenue results by country (unaudited, in thousands) January 2011 January 2010
% Increase/
Costa Rica 1,788 1,848 (3.2%)
Nicaragua 939 952 (1.4%)
Philippines 4,080 4,356 (6.3%)
Poland 159 139 13.7%
Peru Gaming 2,083 1,878 10.9%
Peru Hotel 1,416 1,198 18.2%
  Total Consolidated Revenues 10,465 10,371 0.90%

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

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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