Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

March 17, 2010 15:22 ET

Thunderbird Resorts Inc.: Update on Panama Sale

PANAMA, REPUBLIC OF PANAMA--(Marketwire - March 17, 2010) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (FRANKFURT:4TR)(EURONEXT:TBIRD) reports the following: Thunderbird announces that it has entered into agreements for the sale of its 63.63% stake in its six Panama casinos with Alta Cordillera, S.A. ("Alta"). Alta and Powelton Company, Inc., the latter with whom the Group signed and announced a letter of intent on February 2, 2010, are both affiliates of Codere, S.A. (a Spanish based gaming company which currently has gaming holdings in Panama). Violy & Co. served as an advisor to Alta on this transaction. The sale is subject to certain conditions to closing, including the approval by a number of applicable government entities, including the Panama Gaming Control Board and the local anti-trust authority, and therefore, there can be no assurance of closing. Thunderbird reiterates that it has had tremendous success in Panama over the past 11 years and is very appreciative of the hard work and dedication of our valued employees. The completion of the sale would provide the Group with an opportunity to repay certain Panamanian sourced debt and to improve the Group's balance sheet.


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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