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Thunderbird Resorts: Costa Rica operations sold and January 2015 revenue report27 February 2015PANAMA, REPUBLIC OF PANAMA -- (PRESS RELEASE) -- Thunderbird Resorts Inc. is pleased to announce the sale of its entire economic interest and management rights in its seven casinos in Costa Rica to CIRSA International Gaming Corporation, S.A. The enterprise valuation for the operations sold was $33.5 million and, after adjusting for cash, debt assumption / pay down, and other working capital adjustments, the net cash received for the Group's approximate 50% share was approximately $8.1 million. As part of the sale, Thunderbird entered into a 36-month non-compete agreement in Costa Rica. The Group continues its efforts to sell its interest in both the Tres Rios and Escazu real estate properties, which are now debt free. A fuller description of these two properties is contained in previous press releases as well as in our annual reports and interim management statements. We thank the many dedicated employees and associates who helped Thunderbird grow in Costa Rica. We wish them great success in the future. |