TORONTO, ONTARIO--(Marketwire - May 4, 2012) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM), through its wholly-owned subsidiary Belleville Racetrack Development Corporation ("BRDC"), has received a formal notice of termination of its Site Holder Agreement (originally executed on October 23, 2006) with the Ontario Lottery and Gaming Corporation ("OLG"). The Government of Ontario and the OLG recently announced a significant change to the provincial gaming policy with the planned elimination of the "Slots-at-Racetracks" program. This change is part of a larger modernization plan for lottery and gaming in the province of Ontario. As such, the OLG has terminated the Site Holder Agreement with BRDC effective immediately. The Company and OLG have agreed to meet to discuss the relevant financial considerations pursuant to the Site Holder Agreement.
BRDC has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway ("QER") in Belleville, Ontario. QER was one of the 18 racetrack licenses in Ontario eligible to participate in Ontario's "Slots-at-Racetracks" program. With the cancelation of the "Slots-at-Racetracks" program and the termination of BRDC's Site Holder Agreement with OLG, the Company will need to fully reevaluate its current business plans.
Effective immediately the Company's proposed transaction with Nevada Exploration Inc. ("NGE"), whereby Baymount planned to earn a joint venture interest in NGE's Fletcher Junction Gold Project, in Mineral County, Nevada, has been terminated. The planned transaction with NGE constituted a "Change of Business" for the Company; as such term is defined and understood under the rules and policies of the TSX Venture Exchange (the "Exchange"). The Company will not pursue a "Change of Business" at this time and will focus its efforts on evaluating its current assets and concluding its development business in Belleville, Ontario.
About Baymount
Baymount seeks out and develops opportunities within the horse racing industry. The Company is reevaluating its current business plans due to significant changes to government gaming policy within the Province of Ontario.
ON BEHALF OF BAYMOUNT INCORPORATED
Graham Simmonds, President & Chief Executive Officer
Forward-looking Statements
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially from those contemplated. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Contact Information:
Mr. Graham Simmonds
President and Chief Executive Officer
416-843-2881
jgrahamsimmonds@gmail.com