AURORA, ON, Sept. 29 /CNW/ - MI Developments Inc. (MID) (TSX: MIM.A,
MIM.B; NYSE: MIM) today announced that Mr. John Barnett has resigned from its
Board of Directors, effective immediately.
Mr. Barnett stated, "I have enjoyed my association with MI Developments,
but must now turn my attention to ensuring the orderly integration of Rothmans
Canada with Philip Morris given the recently-announced merger of those two
companies. I wish my Board colleagues all the best."
Mr. Dennis Mills, MID's Vice Chairman and Interim Chief Executive
Officer, stated, "John has worked extremely hard over the past two years as a
director of MI Developments at a time when he was also serving as the Chief
Executive Officer of Rothmans. On behalf of the Board, I want to thank John
for his efforts and wish him continued success."
MID is a real estate operating company focusing primarily on the
ownership, leasing, management, acquisition and development of a predominantly
industrial rental portfolio for Magna International Inc. and its subsidiaries
in North America and Europe. MID also acquires land that it intends to develop
for mixed-use and residential projects. MID holds a controlling interest in
Magna Entertainment Corp., North America's number one owner and operator of
horse racetracks, based on revenue, and one of the world's leading suppliers,
via simulcasting, of live horse racing content to the growing intertrack,
off-track and account wagering markets.
For further information:
For further information: about this press release, please contact Dennis
Mills, MID's Vice Chairman and Interim Chief Executive Officer, at (905)