Further to Spanish casinos and bingo operators, Codere S.A.’s notice to the Madrid SE (Comisión Nacional del Mercado de Valores), on its agreement with Thunderbird Resorts Inc., for the purchase of 63.6% of six casino properties in Panama, the Euronext Amsterdam quoted company confirmed that the agreements for the sale of its stake was made with “Alta Cordillera, S.A. (“Alta”).”

Thunderbird says: “Alta and Powelton Company,Inc. (PCI), the latter with whom the Group signed and announced a letter of intent on February 2, 2010, are both affiliates of Codere, S.A. (a Spanish based gaming company which currently has gaming holdings in Panama). Violy & Co. served as an advisor to Alta on this transaction. The sale is subject to certain conditions to closing, including the approval by a number of applicable government entities, including the Panama Gaming Control Board and the local anti-trust authority, and therefore, there can be no assurance of closing.”

On 18 December 2009, Thunderbird announced that the Group and Merit Gaming, LLC (“Merit”) had executed a letter of intent for the purchase and sale of the Group’s 63.63% ownership stake in International Thunderbird Gaming (Panama) Corporation, subject to final due diligence being completed, the expiration of certain first rights of refusal, and the approval of the Gaming Control Board in Panama.

Recently, the Group was notified that PCI, a holder of a first right of refusal, was exercising its right to match the letter of intent between Merit and Thunderbird. Having matched the offer, PCI will be moving forward with due its diligence and definitive agreements. PCI is a privately held British Virgin Islands corporation. Thunderbird has been advised by PCI that PCI shareholders include private equity funds and a gaming operator. While there can be no assurance of closing, the parties will move forward diligently to close this transaction, which is subject to Panama Gaming Control Board approval.

Thunderbird has had tremendous success in Panama for the last 12 years and is very appreciative of the hard work and dedication of our valued employees, but this as an opportunity for the Group to repay certain Panamanian sourced debt and to improve the balance sheet of the Group. (E-03.19.10)

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