Magna Entertainment Corp. Announces Receipt of Nasdaq Staff Deficiency Letter



    AURORA, ON, Feb. 13, 2008 /CNW/ - Magna Entertainment Corp. ("MEC")
(NASDAQ:   MECA; TSX: MEC.A) today announced that on February 12, 2008, it
received notice from The Nasdaq Stock Market advising that, in accordance with
Nasdaq Marketplace Rule 4450(e)(2), MEC has 180 calendar days, or until
August 11, 2008, to regain compliance with the minimum bid price for MEC's
publicly held Class A Subordinate Voting Stock required for continued listing
on the Nasdaq Global Market, as set forth in Nasdaq Marketplace
Rule 4450(a)(5). MEC received this notice because the bid price of its
publicly held Class A Subordinate Voting Stock closed below the $1.00 per
share minimum for 30 consecutive business days prior to February 12, 2008.
    The notice also states that if, at any time before August 11, 2008, the
bid price of MEC's Class A Subordinate Voting Stock on the Nasdaq Global
Market closes at $1.00 per share or more for a minimum of 10 consecutive
trading days, the Nasdaq staff will provide MEC with written notification that
it has achieved compliance with its listing requirements. However, the notice
states that if MEC cannot demonstrate compliance with such rule by
August 11, 2008 (or such later date as may be permitted by Nasdaq), the Nasdaq
staff will provide MEC with written notification that its Class A Subordinate
Voting Stock will be delisted.
    During this 180 calendar day period, MEC's Class A Subordinate Voting
Stock will continue to trade on the Nasdaq Global Market. This notification
has no effect on the listing of MEC's Class A Subordinate Voting Stock on the
Toronto Stock Exchange.
    On February 12, 2008, MEC's Class A Subordinate Voting Stock closed at
$0.76 on the Nasdaq Global Market.

    About MEC
    ---------
    MEC, North America's largest owner and operator of horse racetracks,
based on revenue, acquires, develops, owns and operates horse racetracks and
related pari-mutuel wagering operations, including off-track betting
facilities. MEC also develops, owns and operates casinos in conjunction with
its racetracks where permitted by law. MEC owns and operates AmTote
International, Inc., a provider of totalisator services to the pari-mutuel
industry, XpressBet(R), a national Internet and telephone account wagering
system, as well as MagnaBet(TM)

    Forward-Looking Statements
    --------------------------
    This press release contains "forward-looking statements" within the
meaning of applicable securities legislation, including Section 27A of the
United States Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the United States Securities Exchange Act of 1934, as amended
(the "Exchange Act") and forward-looking information as defined in the
Securities Act (Ontario) (collectively referred to as forward-looking
statements). These forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 and
the Securities Act (Ontario) and include, among others, statements regarding
the August 11, 2008 deadline for compliance with the Nasdaq Stock Market
continuing listing requirements, and other matters that are not historical
facts.
    Forward-looking statements should not be read as guarantees of future
performance or results, and will not necessarily be accurate indications of
whether, or the times at or by which, such performance or results 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 our
forward-looking statements. Factors that could cause actual results to differ
materially from our forward-looking statements include, but may not be limited
to, material adverse changes: in general economic conditions, the popularity
of racing and other gaming activities as recreational activities, the
regulatory environment affecting the horse racing and gaming industries, and
our ability to develop, execute or finance our strategies and plans within
expected timelines or budgets. In drawing conclusions set out in our
forward-looking statements above, we have assumed, among other things, that
there will not be any material adverse changes: in general economic
conditions, the popularity of horse racing and other gaming activities, the
regulatory environment, and our ability to develop, execute or finance our
strategies and plans as anticipated.
    Forward-looking statements speak only as of the date the statements were
made. We assume no obligation to update forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors affecting
forward-looking statements. If we update one or more forward-looking
statements, no inference should be drawn that we will make additional updates
with respect thereto or with respect to other forward-looking statements.





For further information:

For further information: Blake Tohana, Executive Vice-President and
Chief Financial Officer, Magna Entertainment Corp., 337 Magna Drive, Aurora,
ON, L4G 7K1, Tel: (905) 726-7493

Organization Profile

MAGNA ENTERTAINMENT CORP.

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