Press Release: International Thunderbird Gaming Corporation
January 4, 2002
SAN DIEGO, CA -- International Thunderbird Gaming Corporation (TSE:INB) announces the following update concerning
the Company's operations:
Mexico
The Company continued to challenge the Mexico Government's closure orders for the three Mexico operations on three
parallel paths:
Peter LeSar rejoins Thunderbird
Mr. Peter LeSar, formerly head of business development at International Thunderbird, has rejoined Thunderbird in
the same capacity after a two-year hiatus during which he successfully founded and acted as CEO of a venture-capital
financed, Internet-based translation service company (www.ispeak.net). He has
handed over the reins at iSpeak to pursue development with Thunderbird. While previously at Thunderbird, Mr. LeSar
developed our project in Pt. Ordaz, Venezuela. His bio can be found at www.thunderbirdgaming.com.
Puerto Ordaz expansion opens, receives award - Thunderbird is pleased to announce that it has opened a 4,000 square
foot expansion to the original 10,000 square foot casino in Puerto Ordaz, Venezuela on November 30th. Revenues
have been strong since opening, with net win for December running more than 50% higher than for November, before
the expansion opened. As our operation in Puerto Ordaz is in its first year, we do not know whether this revenue
surge will be sustained in the New Year, or whether it is a seasonal spike.
We are also pleased to announce that Fiesta Casino Guayana has been named ``Business of the Year, 2001'' for the
State of Bolivar, Venezuela. The prize was issued by ``Fedecamaras'' (the commerce chamber's master association
and the leading business association in the country). ``Business of the Year'' is an important prize for any company,
and is even more exceptional for a multinational gaming company. as it is high public recognition of: a) The positive
image and transparency of our business; b) Our contribution to the community as a good corporate citizen; and c)
The outstanding quality of our management team. The prize also clearly sets us apart from other gaming companies
in the region.
Strong Fourth Quarter Revenues
Thunderbird is pleased to announce that fourth quarter, 2001 revenues reflecting our proportional interest in properties
in Mexico and Venezuela, are expected to exceed third quarter, 2001 revenues reflecting our proportional interests.
This strength reflects strong results in Panama and Venezuela and has been achieved despite the closures, which
we expect to be temporary, in Mexico.
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:
International Thunderbird Gaming Corporation
Alex Winch, 416/712-1488 or 858/451-3637
E-mail: info@thunderbirdgaming.com
Website: www.thunderbirdgaming.com