AURORA, ON, May 18 /PRNewswire-FirstCall/ - MI Developments
Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) announced today that
Ron Charles, President of Santa
Anita Park and Golden Gate Fields, has advised that he has decided
to leave his position to pursue other opportunities effective
May 20, 2010. Mr. Charles has been in
charge of the California tracks
since November 2005.
Frank Stronach, MID's Chairman,
stated, "Ron Charles did a great job
at Santa Anita Park and Golden Gate Fields during very difficult
times for the horse racing industry. I wish him all the best for
the future and I know that Ron will continue to play an important
role in improving the future of the California horse racing industry."
Ron Charles said, "Frank Stronach has made a huge commitment to the
horse racing industry over the years and in particular, to the
California race tracks, Santa
Anita Park and Golden Gate Fields. I have great respect for Frank
and I will contribute however I can to help Frank put California horse racing back on a sound
footing. However, I am also looking forward to taking some time
off."
Following Mr. Charles' departure, George
Haines will continue to be the General Manager of Santa
Anita Park and Robert Hartman will
continue to be the General Manager of Golden Gate Fields.
About MID: MID is a real estate operating company engaged
primarily in the acquisition, development, construction, leasing,
management and ownership of a predominantly industrial rental
portfolio leased primarily to Magna International Inc. and its
automotive operating units in North
America and Europe. MID
also acquires land that it intends to develop for mixed-use and
residential projects. For further information about MID, please
visit www.midevelopments.com or call 905-713-6322. At www.sedar.com
and www.sec.gov you can also find MID's filings.
Forward-Looking Statements: This press release may contain
statements that, to the extent they are not recitations of
historical fact, constitute "forward-looking statements" within the
meaning of applicable securities legislation. Forward-looking
statements may include statements regarding MID's future plans,
goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance or expectations, or the
assumptions underlying any of the foregoing. Words such as "may",
"would", "could", "will", "likely","expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate" and
similar expressions are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future events, 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. Undue reliance
should not be placed on such statements. Forward-looking statements
are based on information available at the time and/or management's
good faith assumptions and analyses made in light of our perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances, and are subject to known and unknown risks,
uncertainties and other unpredictable factors, many of which are
beyond MID's control, that could cause actual events or results to
differ materially from such forward-looking statements. Important
factors that could cause such differences include, but are not
limited to, the risks set forth in the "Risk Factors" section in
MID's Annual Information Form for 2009, filed on SEDAR at
www.sedar.com and attached as Exhibit 1 to MID's Annual Report on
Form 40-F for the year ended December 31,
2009, which investors are strongly advised to review. The
"Risk Factors" section also contains information about the material
factors or assumptions underlying such forward-looking statements.
Forward-looking statements speak only as of the date the statements
were made and unless otherwise required by applicable securities
laws, MID expressly disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements
contained in this press release to reflect subsequent in formation,
events or circumstances or otherwise.
SOURCE MI Developments Inc.