TORONTO, Dec. 30, 2005 (Canada NewsWire via COMTEX) --
Academy Capital Corp. ("Academy") (TSX Venture: ACY) announced today that its wholly owned subsidiary, which had entered into a letter of intent to purchase an Ontario based racetrack, has allowed the due diligence period to expire without entering into a definitive purchase agreement. The subsidiary company is still considering the acquisition; however management believes they must first negotiate amended terms with the vendor.

Academy's core business is operated through its wholly owned subsidiary Baymount Corporation. Baymount has an agreement with the Belleville Agricultural Society to build a facility to relocate the Quinte Exhibition and Raceway in Belleville, Ontario. Baymount is also pursuing a standardbred racing license for the development of a new racetrack and gaming facility in Brandon, Manitoba.

In addition to these exciting development opportunities, Baymount has the exclusive license to market Instant Racing throughout Canada. Instant Racing is a patented electronic horseracing and pari-mutuel wagering system that emulates the very successful slot machine experience. Baymount also owns the FasTrack information product, a proprietary horseracing information product with an easy-to-use design that can be used to introduce new fans to the sport of horseracing.

SOURCE: Academy Capital Corp.

SOURCE: Baymount Corporation

Graham Simmonds, President and Chief Executive Officer, Academy Capital Corp. and
Baymount Corporation, (416) 979-2881 x223, (416) 979-6708 (fax),
graham@baymountcorp.com; Renmark Financial Communications Inc.: John Boidman:
jboidman@renmarkfinancial.com; Barry Mire: bmire@renmarkfinancial.com; Media -
Cynthia Lane: clane@renmarkfinancial.com, (514) 939-3989, www.renmarkfinancial.com
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