December 12, 2007 – Richmond, BC – Great Canadian Gaming Corporation [TSX:GC] (the “Company”) provides the following information in response to an application filed today in the Ontario Superior Court of Justice by its former consultant for certain matters pertaining to the Company’s business in the Province of Ontario.
In November 2005, the Company entered into an agreement (the “Consulting Agreement”) for certain consulting services for its operations in the Province of Ontario. On July 30, 2007, the Company terminated the Consulting Agreement.
In connection with the termination of the Consulting Agreement, the Company tendered the sum of $1,552,236 being the full amount that the Company determined to be validly due and payable to the consultant. The consultant disputes the validity of the termination of the Consulting Agreement and refused payment of the Company’s assessment of the consultant’s monetary entitlement. The Company is of the belief that it has acted appropriately with respect to both the termination and the tendering of payment to the consultant, and intends to vigorously defend this action.
ABOUT GREAT CANADIAN
Great Canadian is a multi-jurisdictional gaming and entertainment operator with facilities in British Columbia, Ontario, Nova Scotia and Washington State. Great Canadian operates fourteen casinos, five thoroughbred or standardbred racecourses, a community gaming centre, a hotel, two show theatres, and various food and beverage facilities. Further information is available on the Company’s website, www.gcgaming.com.
ON BEHALF OF GREAT CANADIAN GAMING CORPORATION
“Original signed by Thomas Bell”
Vice President, Corporate Development and Investor Relations
GREAT CANADIAN GAMING CORPORATION [TSX:GC] Suite #200 – 13775 Commerce Parkway
Richmond, BC V6V 2V4
Phone: (604) 303-1000
Fax: (604) 279-8605
For investor enquiries: Mr. Thomas Bell
Vice-President, Corporate Development & Investor Relations or
Mr. Richard Land or Mr. David Jacoby
Jaffoni & Collins Incorporated
(212) 835-8500, GC@jcir.com
For media enquiries: Mr. Howard Blank
Vice-President, Media & Entertainment