Thunderbird to sell its Guatemala operation
Effective 31 December 2010, the Group entered into an agreement to transfer its operations to the Purchaser for consideration of approximately us$ 2.1 million in a promissory note and approximately us$ 464,000 of debt assumption.
The instalment payments will be made over a 6 year term. The Group has previously written down the entire Guatemala investment. Guatemala’s unaudited revenue for the 12 months ended 31 December 2010 was us$ 3,080,000 and EBITDA for the 9 months ended 30 September 2010 was us$ 420,000.
This compares to revenues of us$ 3,538,000 and us$ 4,478,000 for the years ended 31 December 2009 and 31 December 2008, respectively. EBITDA for the years ended 31 December 2009 and 31 December 2008 were us$ 1,020,000 and us$ 1,111,000, respectively.
The success of the proposed sale will depend on the purchaser’s ability to operate the business more efficiently without the costs associated as a subsidiary of a public company. Thunderbird management believes that efforts to liquidate the assets in Guatemala would bring less revenue to the company than this transaction.
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