AURORA, ON,
March 4 /PRNewswire-FirstCall/ -
MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B;
NYSE: MIM) - - MID's Chairman and Chief Executive Officer,
Frank Stronach announced today that
the former Breeders' Cup Limited President and CEO Greg Avioli, who after a successful five-year
stint as its head, has signed an employment agreement as President
and CEO of the racing and gaming division of MID.
In announcing the appointment, Stronach called
on the thoroughbred racing industry to work collaboratively, saying
that, "One of our main goals is to collaborate with other racing
industry stakeholders -- tracks, breeders, horsemen and regulators
-- to create and grow new business opportunities and revenue
streams."
Stronach further said that MID is committed to
providing the best racing, gaming and entertainment experience to
its customers while working with its partners to enhance
thoroughbred racing and wagering. This commitment is reflected in
the appointment of Avioli, a proven seasoned sports industry
veteran with more than 10 years experience in the thoroughbred
industry. Avioli said, "I look forward to implementing
Frank Stronach's vision. I
feel privileged to have the opportunity to work with one of the
great leaders of our industry, Frank
Stronach."
Prior to joining the Breeders' Cup, Avioli, an
attorney, served as Deputy Commissioner of the National
Thoroughbred Racing Association where he led horse racing's federal
legislative and lobbying efforts, and was the primary architect of
the federal gaming laws authorizing internet wagering on horse
racing. Prior to his involvement in horse racing, he was the senior
vice president of business affairs for Altanta-based International
Sports and Entertainment Strategies, where he developed domestic
and international properties with the PGA Tour, United States
Tennis Association and the United States Olympic Committee.
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. MID's filings can be viewed at www.sedar.com and
www.sec.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 contains 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 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.