San Diego, CA,
International Thunderbird Gaming Corporation (TSE - INB) (the "Company") has entered into a Letter of Intent with the Campo Band of Kumeyaay Indian Tribe (the "Campo Tribe") for the financing, construction, and operation of a "turn-key" gaming facility on the Campo Indian Reservation in California, subject to the passing of Proposition 1A on March 7, 2000. The Company will receive a profit interest in the gaming enterprise. The Campo Tribe’s reservation is located along Interstate 8 just 60 miles east of San Diego. Interstate 8 is the primary route between San Diego and Phoenix/Tucson. The vehicle traffic along this route is well over 21,000 vehicles (including 2,500 trucks) per day. The Campo Tribe seeks to capitalize on this traffic flow and on the area’s demographics through the development and operation of a gaming facility, truck stop and fuel depot as well as other enterprises. The Company is proud to become an integral part of moving the Campo Tribe toward its goal of economic self-sufficiency. The Company continues to negotiate with several other compacted California Tribes concerning future gaming opportunities, pending the March 2000 vote on Proposition 1A.
Additional Collection on the California receivable: The balance of "Assets Held for Sale" in the "Other Assets" section of the balance sheet as of December 31, 1999 is $1,122,000. The Company has successfully entered into an agreement with a California tribe to recommence payments on a loan of $1,235,000 beginning February 1, 2000. The Company continues to pursue collection of additional amounts due from California Native Tribes.
International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. Additional information about the Company is available on its World Wide Web site at www.thunderbirdgaming.com .
On behalf of the Board of Directors
Jack R. Mitchell
Cautionary Notice: This release contains certain forward-looking statements
within the meaning of section 21E of the United States Securities Exchange
Act of 1934, as amended. All statements, other than statements of historical
fact, included herein, including without limitation, statements regarding
potential revenue and future plans and objectives of the Company 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 Company'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 Company's documents filed from time-to-time with the TSE and other