AURORA, ON,
July 6, 2011 /PRNewswire/ - MI
Developments Inc. ("MID") (TSX: MIM) (NYSE: MIM)
announced today that following the completion on June 30, 2011 of MID's plan of arrangement to
eliminate its dual-class share structure, MID's board of directors
now consists of G. Wesley Voorheis
(Chair), Michael Brody, Peter Dey (Vice-Chair), Barry Gilbertson, William Lenehan, Gerald
J. Miller, and Scott I.
Oran.
MID also announced today the appointment of
William Lenehan as Chief Executive
Officer, Michael Forsayeth as Chief
Financial Officer and Jennifer
Tindale as Executive Vice President, General Counsel.
Mr. Lenehan has substantial experience in the real estate sector,
recently having worked as a real estate investment professional at
Farallon Capital Management, L.L.C. Mr. Forsayeth will be
joining MID from Intrawest ULC, where he served as Chief Financial
Officer since 2007 with responsibility for all of Intrawest's
worldwide financial operations. Ms. Tindale joins MID after
most recently having served as Vice President, Associate General
Counsel & Corporate Secretary at Biovail Corporation, where she
managed the company's legal matters and was a member of the
Executive Management Team. The appointments of Mr. Lenehan
and Ms. Tindale are effective immediately, and the appointment of
Mr. Forsayeth is to be effective in August, 2011.
Commenting on the completion of the plan of
arrangement, Mr. Lenehan noted that "We are very much looking
forward to beginning the process of reviewing MID's business model
and the strategic options to determine the best alternatives for
enhancing shareholder value."
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.
Copies of financial data and other publicly
filed documents are available through the internet on Canadian
Securities Administrators' System 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
2010, 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, 2010, each of 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.