The Latest News from Clairvest
Toronto, Ontario (March 2, 2010) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) and Clairvest Equity Partners III Limited Partnership (“CEP III”) announced today that one of their joint investments has been impacted by the recent Chilean earthquake. Casino Marina del Sol (“Casino del Sol”), located in Concepción, Chile, is located within the affected region.
“While the financial impact to our investment and damages to the property are still being assessed, we understand that the casino will require substantial repairs before it can resume operations. The project is insured for catastrophes such as this. We remain positive that the casino will ultimately reopen although timing is uncertain,” said Ken Rotman, Co-CEO and Managing Director of Clairvest. “We believe that Chile and the city of Concepción are in a strong position to manage the challenges of the reconstruction efforts ahead, and our thoughts are with the employees of Casino del Sol, our local investment partners and the population of Chile.”
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. These risks include that the damages to the casino are greater than currently anticipated and that the reconstruction efforts both for the casino and the local community take longer than currently anticipated. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Clairvest Group Inc. is a Canadian merchant bank that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753