TORONTO - (BUSINESS WIRE) - Jan. 25, 2005 - Diversified Racing Investments Inc. ("Diversified") announces that it has closed the acquisition of 137.5 acres in the City of Belleville (the "Property"), and expects in the near future to begin construction of the new Quinte Exhibition and Raceway ("QER"). Diversified acquired the land through its wholly owned subsidiary, Belleville Racetrack Development Corporation ("BRDC") and in conjunction with the land closing, BDRC has also completed its financial commitment under the servicing agreement with the City of Belleville dated October 28, 2004. On December 3, 2004, BDRC formalized its agreement with the Belleville Agricultural Society ("BAS") to acquire their rights for the QER racing license and potential slot machine privileges.

The Property is fully zoned to permit the placement and operation of slot machines in association with standardbred horseracing, the relocation of the Quinte Exhibition, as well as for the construction of a hotel. The Property borders the #401 Highway and is located near the Wallbridge-Loyalist Rd. exit to the #401 Highway in the northwestern area of the city.

"We are extremely pleased to have closed the acquisition of our new location, to have the property fully zoned, and are excited to have the servicing of the lands now underway," stated Mr. Graham Simmonds, President of Diversified and BRDC. He added, "We will now focus on the regulatory application process and continue with our site planning and land development process."

BAS will continue to operate QER through the 2005 racing season. QER's slot privileges are grandfathered into the existing slots-at-racetracks agreement with the Ontario Lottery and Gaming Corporation ("OLGC"), although the actual allocation of slot machines is still to be determined by the OLGC. The development of this property by BRDC is not conditional on any specific allocation. This project is subject to numerous licensing and regulatory approvals, including those of the Ontario Racing Commission, the Ontario Lottery and Gaming Corporation, the Canadian Pari-Mutuel Agency, and the Alcohol and Gaming Commission of Ontario.