The Bear Mountain Resort has today been granted protection pursuant to the Companies

Creditors Arrangement Act, to allow the resort to move forward with its efforts to
refinance and restructure its operations.

Statement from Len Barrie:

"After careful consideration, the Bear Mountain Partnership agreed to not oppose the
application of HSBC to place the Resort under CCAA protection, whose support is
required to allow operations to continue. Since January 2009, Bear Mountain Resort has
experienced more than $110-million in real estate transactions, yet in spite of this success
in operations and sales, we were unable to reach agreement with HSBC to continue
operations outside of a formal process. We remain optimistic that our present
negotiations will allow us to reach satisfactory arrangements with HSBC and move
forward with the remainder of the development at Bear Mountain.

I intend to continue to pursue opportunities to restructure the Resort's debt or other

strategic alternatives. In the meantime, Mr. Robert Holmes, has been has been appointed
Chief Restructuring Officer and we have been assured that there will be no interruption to
business up at the Resort.

Although I will not be making any additional comments on this matter, I am very proud
of everyone who has contributed to the development of this world class resort on
Vancouver Island, and I look forward to working towards the completion of the vision."