MI Developments Inc. Announces Changes to its Board of Directors
March 08 2005 - 2:36PM
PR Newswire (US)
MI Developments Inc. Announces Changes to its Board of Directors
AURORA, ON, March 8 /PRNewswire-FirstCall/ -- MI Developments Inc.
(TSX: MIM.SV.A, MIM.MV.B; NYSE: MIM) ("MID") announced today that
John D. Simonetti, Chief Executive Officer of MID, has been
appointed to MID's Board of Directors, effective immediately. MID
also announced that W. Thomas Hodgson has resigned his position as
a Director on MID's Board in order to assume the positions of Chief
Executive Officer and Director of Magna Entertainment Corp. About
MID MID is a real estate operating company engaged in the
ownership, development, management, leasing and acquisition of
industrial and commercial real estate properties located in North
America and Europe. Virtually all of its income-producing
properties are under lease to Magna International Inc. and its
subsidiaries. MID also holds a controlling investment in Magna
Entertainment Corp., a publicly-traded company that, based on
revenues, is North America's number one owner and operator of horse
racetracks, and one of the world's leading suppliers, via
simulcasting, of live racing content to the growing inter-track,
off-track and account wagering markets. Forward-Looking Statements
The contents of this press release contain statements which
constitute "forward-looking statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, among others, statements
regarding the Company's future plans, costs, objectives or economic
performance, or the assumptions underlying any of the foregoing.
Forward- looking statements should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether or the times at or by which such future
performance will be achieved. Forward-looking statements are
subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond the Company's
control. MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements to
reflect subsequent information, events or circumstances or
otherwise. DATASOURCE: MI Developments Inc. CONTACT: Doug Tatters,
Executive Vice-President and Chief Financial Officer, at (905)
726-7507.
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