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Thunderbird Resorts, Final Agreements Executed for India Completion Funding

The Group previously announced the execution of a Term Sheet for the planned addition of another equity partner into its India affiliate, Delta Corp. Ltd. will fund approximately $21M into DHPL, of which approximately $11M is equity and $10M is debt. Delta Corp Ltd will be responsible for securing any new debt. Delta Corp Ltd is now the 51% owner in the hotel and Thunderbird and its original Indian partners will own the other 49%. Thunderbird will continue to operate the hotel with a management contract. The hotel construction shall resume immediately and we anticipate completion in phases with a full opening in late 2011. As previously announced, simultaneous with and contingent upon the execution and funding of Delta Corp Ltd’s infusion of new equity into the India project, the Group will issue Delta 840,000 shares of its common stock at a price of $2.00 per share. Delta Corp Ltd has until no later than 31 May 2011 to fund this share purchase or the subscription will automatically terminate. The Group anticipates using the $1,680,000 in proceeds for general working capital purposes.