MI Developments Inc. Announces Appointments to its Board of Directors
March 17 2005 - 11:47AM
PR Newswire (US)
MI Developments Inc. Announces Appointments to its Board of
Directors AURORA, ON, March 17 /PRNewswire-FirstCall/ -- MI
Developments Inc. (TSX: MIM.SV.A, MIM.MV.B; NYSE: MIM) ("MID")
announced today that Neil G. Davis and Judson D. Whiteside have
been appointed to MID's Board of Directors, effective immediately.
Mr. Davis is a partner at the law firm of Davis Webb Schulze &
Moon LLP and is a member of the Board of Directors of Intier
Automotive Inc. He was also a member of the Board of Directors of
Decoma International Inc. until Decoma's recent privatization. Mr.
Whiteside is Chairman and Chief Executive Officer of the law firm
Miller Thomson LLP and was a member of the Board of Directors of
Tesma International Inc. until Tesma was privatized. Intier, Decoma
and Tesma are all subsidiaries of Magna International Inc. Frank
Stronach, Chairman of MID, stated: "On behalf of the MID Directors,
I welcome Mr. Davis and Mr. Whiteside to the Board. Their
experience as directors of Magna's subsidiaries will be very
valuable to MID as we focus on assessing the many opportunities
available to us in our core real estate business." 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: please contact Doug Tatters, Executive Vice-President and
Chief Financial Officer, at (905) 726-7507
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