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Source: International
Thunderbird Gaming Corp.
Alex
Winch resigns as Chairman, Director and Investor Relations Operations Update
San Diego, CA
29th
April, 2002
The Company
announces that Alex Winch has resigned as Chairman, Director and Investor
Relations effective immediately. His position as Chairman and Director
will be filled with elections at the Annual General Meeting in San Diego
on June 20th. All shareholder and media inquiries may now be directed to
Albert Atallah, Chief Operating Officer and General Counsel at (858) 451-3637
extension 214. The Company appreciates the valuable services rendered by
Alex Winch.
Nicaragua Merger
Thunderbird’s
Fiesta Casino-Managua is steadily improving in its revenue results while
the Company is continuing to negotiate the final points of its proposed
merger with Hopewell Ltd. The merger should be completed by May 31, 2002
but is dependent on Thunderbird closing on the financing contemplated for
the merger. If completed the merger will allow the expansion of current
facilities, which are constrained by space during peak periods.
Guatemala
The Company
has completed an arbitration proceeding claiming ILAC owes the Company
approximately $620,000. In addition, the proceeding includes a claim
that Thunderbird’s contract should be extended past the 5 year contract
date (October, 1997) because operations did not commence until February
1998. The Company is confident that the arbitrator will render a fair award.
Management believes the results of the arbitration will have an effect
on the renewal of the contract. A favorable award will enhance the probability
of the contract extension.
Venezuela
The Company
is concerned over the recent political issues in Venezuela. Fiesta
Casino-Guayana has shown a reduction of projected revenue in April 2002
from the revenue in January-March, 2002. The Company will continue to monitor
the situation to determine the effect of Venezuela’s recent political problems
on the operation.
Panama
The Company
is pleased with the performance of its Panama operations, which continue
to surpass revenue projections.
Mexico
The Company’s
Mexico Operations were shut down by Gobernacion on October 11, 2001. The
Company filed a "Notice of Intent To File a NAFTA Claim" on March 21, 2002
claiming significant damages and must wait 90 days to file the actual NAFTA
claim as required under the NAFTA rules of procedure. The 90-day period
allows the parties an opportunity to settle the matter. Management believes
this litigation will be protracted because of past and continued stonewalling
by the Mexican government. After filing the claim, the arbitration is expected
to take approximately a year. Another Mexican skill game operator continues
to operate without any hindrance from the Mexican government.
Recovery of disposition
of Discontinued Operations
The Company
continues to pursue claims against two California tribes and collection
of several receivables stemming from discontinued operations. Management
is confident there will be material recoveries, but is unable to predict
the size.
Financial Results and
AGM-2002
The Company‘s
2001-year end financials will be released no later than May 17, 2002 and
the 2002 Q-1 financials will be released no later than May 31, 2002.
The Company will hold its annual general meeting on June 20, 2002. The
cash position of the Company continues to be very tight. Management has
discontinued new country development and continues to reduce staff positions.
A year of moderate internal growth and control of expenses is ongoing.
The major factors that will affect cash flow and profitability are the
revenues in Venezuela and the success of the Nicaragua merger. The other
operations continue to be stable.
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
President and CEO
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 regulatory authorities.
Contact:
Albert Atallah
Phone: (858) 451-3637
e-mail: info@thunderbirdgaming.com
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