TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) - Baymount Incorporated ("Baymount" or the "Company") (TSX VENTURE:BYM) announces that it received notification on September 11, 2012 from the TSX Venture Exchange (the "TSX-V") of the transfer of its listing from Tier 2 of the TSX-V to the NEX on the basis of the determination by the TSX-V that the Company no longer satisfies the Continuous Listing Requirements of the TSX-V in respect of Tier 2 issuers. As noted in the TSX-V Bulletin issued on September 11, 2012, the Company's tier classification has changed from Tier 2 to the NEX, its filing and service office has changed from Toronto to the NEX and accordingly, it is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies.
Notwithstanding this determination by the TSX-V, Baymount continues to focus its efforts on evaluating its current assets and pursuing its development process in Belleville, Ontario. The Company is also continuing to pursue legal recourse with the OLG in respect of the termination of its siteholder agreement with Belleville Racetrack Development Corp., as announced in the Company's press release dated July 23, 2012.
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
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.