Impact of the Coronavirus Pandemic on Thunderbird’s Operations

ZURICH / ACCESSWIRE / March 27, 2020 / ​Thunderbird Resorts Inc. (“Thunderbird” or “Group”) (Euronext Amsterdam:TBIRD)(FSE:4TR) hereby discloses the impact of the coronavirus pandemic on its overall business.

On March 15, Peru’s national government declared a state of national emergency, lasting 15 days, that places strict controls on people’s movement within the country. The decree required all of Peru’s borders closed as of 11:59 p.m. March 16, as well as prohibiting domestic travel between Peru’s 196 provinces. The Group now believes that these restrictions will be continued, resulting in virtually nil revenue for its hotel owner/operator and management business for a period that remains unknown. Moreover, even when restrictions are lifted, the Group cannot accurately assess at this time on the hotels’ ability to return to normal operations given the international travel bans in effect around the world.

The Nicaraguan government has enforced few restrictions to date, but consumption has reduced in the market considerably given that there are now known infections in that market.

Thunderbird is waiting to evaluate the financial incentives that could be produced by either government to support the hospitality industry.

We will keep you informed as there are material events and progress.

— Salomon Guggenheim, Chief Executive Officer and President

ABOUT THE COMPANY: We are an international provider of hospitality services. Additional information about the Group is available at www.thunderbirdresorts.com.

Contact: Peter LeSar, Chief Financial Officer ∙ Email: plesar@thunderbirdresorts.com

Cautionary Notice: This disclosure 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 in this press release including without limitation, statements regarding financial statements, balance sheet, debt, potential revenue and future plans and objectives of Thunderbird 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 Thunderbird'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 Thunderbird's documents filed from time to time with the Euronext Amsterdam and other regulatory authorities.

SOURCE: Thunderbird Resorts Inc.

ReleaseID: 582815