AURORA, ON, May 18 /PRNewswire-FirstCall/ - MI Developments
Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM), on April 30, 2010, went effective with a Plan of
Reorganization ("Plan") previously confirmed by the U.S. Bankruptcy
Court in respect of the assets of Magna Entertainment Corp.
Pursuant to the Plan, MID acquired Santa
Anita Park, Golden Gate Fields, Gulfstream Park, The
Maryland Jockey Club (Pimlico and Laurel
Park), Portland Meadows, XpressBet and AmTote.
MID understands that recent actions taken in respect of the
Plan, including actions taken by Santa
Anita Park concerning its lease with Oak Tree Racing
Association, have been misperceived by the California horse racing industry, including
the California Horse Racing Board, the Thoroughbred Owners of
California, Breeders' Cup,
trainers and breeders in California, other racetracks in California, the California Fairs, and Oak
Tree. We believe that our intentions have been misunderstood.
In order to clarify those misunderstandings and misperceptions,
MID underscores that it is committed to achieving a viable and
sustainable horse racing industry in California and throughout the United States by working collaboratively
with all other participants in the industry, including regulators,
horsemen, breeders, trainers and other stakeholders.
MID's Vice Chairman and Chief Executive Officer, Dennis Mills, will immediately commence
discussions with all participants in the California horse racing industry, including
the California Horse Racing Board, the Thoroughbred Owners of
California, California breeders and trainers, other
racetracks in California, the
California Racing Fairs, Breeders' Cup, California legislators, Oak Tree and other
stakeholders to come up with both short-term and long-term
solutions that will create a prosperous and successful California horse racing industry that will
benefit all.
MID regrets any misunderstanding within the horse racing
industry. MID, as direct owner of the racing assets recently
acquired from Magna Entertainment Corp., and MID's Chairman,
Frank Stronach, have been long-time
supporters of the horse racing industry. MID looks forward to
continuing to work with the horse racing industry and its valued
stakeholders in creating and sustaining jointly beneficial
solutions to the many issues currently facing the industry.
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 information,
events or circumstances or otherwise.
SOURCE MI Developments Inc.