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Gold/Mining/Energy : Int'l Thunderbird Gaming (INB) -- Ignore unavailable to you. Want to Upgrade?

To: kfdkfd who wrote (498)	11/6/1998 8:20:00 PM
From: R. Gracie	Read Replies (2) \| Respond to of 603

Here's the news release........... disclaimer FOR FURTHER INFORMATION PLEASE CONTACT: International Thunderbird Gaming Corporation Investor Relations (619) 451-3637 OR 1-888-451-3637 (619) 451-1169 (FAX) e-mail: info@intltbird.com Website: www.intltbird.com -------------------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: INTERNATIONAL THUNDERBIRD GAMING CORPORATION TSE, VSE SYMBOL: INB NOVEMBER 6, 1998 International Thunderbird Gaming Third Quarter Results and Company Update SAN DIEGO, CALIFORNIA--International Thunderbird Gaming Corporation (TSE and VSE - INB) is pleased to announce the operating results for the third quarter ended September 30, 1998. Subsequent events and updates were reported in previous press releases. Over the past quarter, the Company continued to liquidate certain assets and build a new foundation for its future operations. In our last report, we discussed the Company's plans to liquidate the South Carolina operation and our manufacturing/research and development division. We stated that our focus would be on gaming operations. We have been successful in pursuing this objective while working to replace the loss of the California cash flow. The South Carolina operation has been liquidated and we currently have no ongoing activities in that state. A loss of Cdn. $1,884,000 was incurred in the cessation of this business. We have liquidated all manufacturing, research and development, and product sale operations and have no presence in Colorado, where those operations previously existed. A loss of Cdn. $2,710,000 was incurred as a result of the liquidation of inventory and closure of these operations. The Company continues to utilize subcontractors and other manufacturers for gaming equipment required to support our operations. We have closed the Company's administrative office in Canada and currently have a total for the Company of nine management and administrative persons based out of San Diego, California. The other approximate 500 employees of the Company are project specific in Panama and Guatemala. We are terminating our relationship with the Aruba casino licensee because of the lack of prospects for long term profitability. We have realized a loss of Cdn. $2,065,000 for the closure of this subsidiary operation. We have developed and opened three of our four casino licenses in Panama, operating under the name Fiesta Casino. The fourth casino will open in the next few weeks. We have been successful in gaining a substantial market share and revenue from operations is above projections. We have strengthened our successful operation in Guatemala and look forward to modest expansion in 1999. California's Proposition 5, which provides a model compact for all the state's tribes was passed by the public by a 62 percent to 38 percent vote on election day. This voters' mandate could play an important part in our future in the United States. We anticipate providing consulting and other services to tribal casinos in California after compacting occurs. Although there may be constitutional attacks against Proposition 5, we believe these attacks will not be material as to the final outcome of tribal gaming in California. The Governor-elect, Gray Davis, and Attorney General-elect, Bill Lockyer, both Democrats, have consistently stated their intention to immediately address the objective of negotiating a fair compact for the tribes in California, irrespective of the constitutionality of Proposition 5. As previously disclosed, the Company assigned its California contracts to Support Consultants, Inc. ("SCI") for Cdn. $8,289,000. The Company is optimistic that in light of the passage of Proposition 5, SCI will be successful in collecting revenue from these contracts, thus allowing SCI to make payments to the Company fulfilling its obligations under the assignment. We expect to receive payments on the assignment after the Tribes complete new compacts. The Company's prior activities in unsettled markets and its stipulated denial of a license in Colorado create a challenge for it to be licensed in certain jurisdictions in the United States. The Company has taken all steps possible to operate responsibly in regulated markets, including divestiture of its internet business and removal of all officers and directors responsible for moving the Company into unsettled markets. The Company was conservative in ceasing its operations in May, 1998 in California and ceasing collection of substantial revenues from its Tribal clients. California State licensing may be applicable for new business with California. The Company is assessing the effect of Proposition 5 and is working to address this licensing issue. There are no assurances that the Company will be licensed by the State of California but the Company will make every effort to pursue licensing. Proposition 5 provides in part that a person or firm that has conducted business with California tribes prior to passage of the initiative will not be denied a license for that reason. Management believes that with time, sound controls and business practices it will obtain licensure in more United States jurisdictions. Our casino signage and design subsidiary, Calsino, has provided significant casino signage and design services and products to many of the Native Tribes in California and around the United States. Calsino played a crucial role in completing the interior design of the Company's Fiesta Casinos in Panama. Calsino has also developed a significant commercial signage business, which we anticipate will increase over the next year. This Company is uniquely situated to realize the benefits of an expanding California market. We are pursuing identification of a strategic partner with significant technology experience to manage the exploitation of the ThunderWatch product. Discussions are underway with potential partners. In summary, we have survived and are positioned to experience a profitable future with an efficient and experienced management team. 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.intltbird.com. On behalf of the Board of Directors Jack R. Mitchell, President and CEO So guys, what do you think??