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Thunderbird Resorts Inc.: June 2015 Revenue Report and Amendment to Articles of Association

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PANAMA, REPUBLIC OF PANAMA--(Marketwired - July 14, 2015) - Thunderbird Resorts Inc. ("Thunderbird" or "Group") (EURONEXT:TBIRD)(FRANKFURT:4TR) reports the following:

JUNE 2015 REVENUE REPORT

For a more detailed analysis of June 2015 revenue, please visit www.thunderbirdresorts.com and click on "June 2015 Revenue Report - Analysis" located on the home page under "News and Releases."

Group revenue for June 2015 vs. June 2014.



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Group-wide sales by country - June June Year-over-year
(unaudited, in millions)(1) 2015 2014 increase/(decrease)
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Peru(2) $2.66 $2.28 16.67%
Nicaragua 1.22 1.13 7.96%
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Total Consolidated Operating
Revenues $3.88 $3.41 13.78%
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(1)Revenues reported are based on monthly average exchange rates, are same
store and are in USD millions.
(2)Revenues are generated primarily from gaming, and secondarily from our
fully-owned Fiesta Hotel and from 2 hotels under management.



Important Note on Forex: The strengthening of the US dollar versus our operating currencies continues to have a material impact on our business as compared to the same period in 2014. Under a currency neutral analysis (in which the same exchange rate would be applied to both periods), Group revenue would have grown by $740 thousand or 23.57%; Peru revenue would have grown by $600 thousand or 29.13%; and Nicaragua revenue would have grown by $130 thousand or 12.04%.

AMENDMENT TO ARTICLES OF ASSOCIATION

In the Company's 2014 Annual Report published on April 23, 2015, the Company announced it is seeking strategic alternatives to achieve profitablilty. This includes the liquidation of additional non-producing and producing real estate (total appraised value of the Group's interests in all of our real estate exceeds $76 million). The initiative is intended to result in the pay off of virtually all of the Company's debt and significantly reduce depreciation and amortization The Company continues to retool its asset mix away from real estate and with the intent to invest proceeds in new high cash flowing gaming operations in our existing markets to increase revenues and improve bottom line results. Alternatively, the Company is also pursuing to raise new equity to pay down virtually all debt and invest in new high cash flowing gaming operations in our existing markets with the goal of increasing revenues and bottom line results.

The Board of Directors has the authority under our existing Articles of Association to amend its Articles of Association to effectuate certain changes. The Board has resolved to amend Regulation 9 and 11 of the Articles of Association with the intent to (via this amendment) allow the Board to follow through on any or all of "strategic alternatives" without shareholder approval.

The following specifically describes the amendments to the subject Articles of Association and Memorandum of Association:

A. Regulation 9 be amended which in its current form states:

"Without limiting the generality of the foregoing, any matter which relates to the amalgamation, merger or consolidation of the Company with another entity or the sale, lease or exchange of all or substantially all of the assets of the Company, forced redemption, arrangement, continuation, liquidation, winding up of the Company or any amendment to these Articles shall, except as otherwise expressly provided in these Articles, require the approval of Shareholders by way of an affirmative vote of a 2/3 majority of the votes cast in order to be approved. Prior to any votes being cast in connection with such resolutions, the chairman of the meeting may demand a poll which shall be by way of ballot."

And in its amended form states:

"Without limiting the generality of the foregoing, any matter which relates to the amalgamation, merger or consolidation of the Company with another entity, forced redemption, arrangement, continuation, liquidation, winding up of the Company or any amendment to these Articles shall, except as otherwise expressly provided in these Articles, require the approval of Shareholders by way of an affirmative vote of a 2/3 majority of the votes cast in order to be approved. Prior to any votes being cast in connection with such resolutions, the chairman of the meeting may demand a poll which shall be by way of ballot."

B. Regulation 11 be amended by including the following as the final paragraph of the Regulation:

"The Directors shall by resolution have the power to sell, transfer, lease exchange or otherwise dispose of some or all of the assets of the Company irrespective of whether such disposition is in the usual or regular course of business. Section 175 of the Act shall not apply to such transactions."

As in all such commercial matters, the Board may exercise its authority applying its reasonable business judgment under the circumstances. There is no transaction pending with respect to these "strategic alternatives," but this amendment gives the Board maximum negotiating flexibility should such a transaction arise.

ABOUT THE COMPANY

We are an international provider of branded casino and hospitality services, focused on markets in Latin America. Our mission is to "create extraordinary experiences for our guests." Additional information about the Group is available at www.thunderbirdresorts.com.

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 AFM and other regulatory authorities.

FOR FURTHER INFORMATION PLEASE CONTACT:
Thunderbird Resorts Inc.
Peter LeSar
Chief Financial Officer
Phone: (507) 223-1234
E-mail: plesar@thunderbirdresorts.com

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