MI DEVELOPMENTS FILES BUSINESS ACQUISITION REPORT IN RESPECT OF THE TRANSFER OF CERTAIN ASSETS OF MAGNA ENTERTAINMENT CORP.
December 22 2010 - 4:27PM
PR Newswire (Canada)
AURORA, ON, Dec. 22 /CNW/ -- AURORA, ON, Dec. 22 /CNW/ - MI
Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID" or the
"Company") today announced that it has filed a business acquisition
report ("BAR") in respect of the previously announced transfer of
certain assets of Magna Entertainment Corp. ("MEC") to MID
effective April 30, 2010 pursuant to MEC's plan of reorganization
under Chapter 11 of Title 11 of the U.S. Bankruptcy Code. The
BAR will be available at www.sedar.com. 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. Additionally, MID
owns Santa Anita Park, Golden Gate Fields, Gulfstream Park
(including an interest in The Village at Gulfstream Park™, a joint
venture with Forest City Enterprises, Inc.), an interest in joint
ventures in The Maryland Jockey Club with Penn National Gaming,
Inc., Portland Meadows, AmTote and XpressBet®, and through some of
these assets, is a supplier, via simulcasting, of live horseracing
content to the inter-track, off-track and account wagering markets.
For further information about MID, please visit
www.midevelopments.com or call 905-713-6322. OTHER INFORMATION For
further information about MID, please see our website at
www.midevelopments.com. Copies of financial data and other
publicly filed documents are available through the internet on
Canadian Securities Administrators' Systems for Electronic Document
Analysis and Retrieval (SEDAR) which can be accessed at
www.sedar.com and on the United States Securities and Exchange
Commission's Electronic Data Gathering, Analysis and Retrieval
System (EDGAR) which can be accessed at www.sec.gov.
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, including the United
States Securities Act of 1933 and the United States Securities
Exchange Act of 1934. Forward-looking statements may include,
among others, statements relating to the MEC Chapter 11 proceeding
and the Company's participation therein and statements regarding
the Company'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 the Company'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 the Company's Annual Information Form
for 2009, filed on SEDAR at www.sedar.com and attached as Exhibit 1
to the Company'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, the Company 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. To view this news release in HTML formatting, please use
the following URL:
http://www.newswire.ca/en/releases/archive/December2010/22/c6683.html
pabout this press release, please contact Rocco Liscio, MID's
Executive Vice-President and Chief Financial Officer, at
905-726-7507/p
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