MI Developments Inc. announces resignation of Chief Executive Officer and Director
August 20 2004 - 5:53PM
PR Newswire (US)
MI Developments Inc. announces resignation of Chief Executive
Officer and Director AURORA, ON, Aug. 20 /PRNewswire-FirstCall/ --
MI Developments Inc. (TSX: MIM.A, MIM.B; NYSE: MIM) ("MID") today
announced the resignation of the Honourable Brian Tobin as Chief
Executive Officer. Mr. Tobin also resigned as a Director of MID and
as the Vice Chairman and a Director of MEC. "I have great respect
for the MID team and for Frank Stronach. My association with MID
since last August has been a good experience. I am leaving now to
pursue other opportunities in the business world," said Mr. Tobin.
MID Chairman, Frank Stronach, stated, "Brian Tobin has been a great
team leader and a great team player. The Board of Directors and I
wish him well in his future business endeavours." Mr. Stronach will
be available for a media conference call on Monday, August 23, 2004
at 10:00 am EST. The number for North American callers is
1-800-814-4859. The number for overseas callers is 416-640-1907.
Please call 10 minutes prior to the start of the conference call.
MID will also webcast the conference call at
http://www.midevelopments.com/. For anyone unable to listen to the
scheduled call, the rebroadcast numbers will be: 1-877-289-8525
(North America) and 416-640-1917 (overseas). The reservation number
is 21091759 followed by the number sign and the rebroadcast will be
available until August 30, 2004. MID is a real estate operating
company engaged in the ownership, development, management, leasing
and acquisition of industrial and commercial real estate properties
located in North America and Europe. Virtually all of its
income-producing properties are under lease to Magna International
Inc. and its subsidiaries. MID also holds a controlling investment
in Magna Entertainment Corp. (TSX: MEC.A; NASDAQ: MECA), North
America's number one owner and operator of horse racetracks, based
on revenues, and one of the world's leading suppliers, via
simulcasting, of live racing content to the growing inter-track,
off-track and account wagering markets. DATASOURCE: MI Developments
Inc. CONTACT: Edward C. Hannah, Executive Vice-President, Corporate
Development, Secretary and General Counsel, Tel. (905) 726-7198
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