AURORA, ON, May 18 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) announced today that Ron Charles, President of Santa Anita Park and Golden Gate Fields, has advised that he has decided to leave his position to pursue other opportunities effective May 20, 2010. Mr. Charles has been in charge of the California tracks since November 2005.
Frank Stronach, MID's Chairman, stated, "Ron Charles did a great job at Santa Anita Park and Golden Gate Fields during very difficult times for the horse racing industry. I wish him all the best for the future and I know that Ron will continue to play an important role in improving the future of the California horse racing industry."
Ron Charles said, "Frank Stronach has made a huge commitment to the horse racing industry over the years and in particular, to the California race tracks, Santa Anita Park and Golden Gate Fields. I have great respect for Frank and I will contribute however I can to help Frank put California horse racing back on a sound footing. However, I am also looking forward to taking some time off."
Following Mr. Charles' departure, George Haines will continue to be the General Manager of Santa Anita Park and Robert Hartman will continue to be the General Manager of Golden Gate Fields.
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. For further information about MID, please visit www.midevelopments.com or call 905-713-6322. At www.sedar.com and www.sec.gov you can also find MID's filings.
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. Forward-looking statements may 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 in formation, events or circumstances or otherwise.
SOURCE MI DEVELOPMENTS INC.
For further information: For further information: Dennis Mills, Vice-Chairman and Chief Executive Officer of MID, at (905) 726-7614