AURORA, ON, Feb. 15 /CNW/ - MI Developments Inc. ("MID") (TSX: MIM.A, MIM.B; NYSE: MIM) has learned via media reports that certain Cordish companies ("Cordish")
have filed a Complaint for Damages ("Complaint") against the Maryland
Jockey Club ("MJC"), a joint venture entity of MID, and other
defendants, in Baltimore City Circuit Court for allegedly conspiring to
defame Cordish, which plans to build a slot machine casino at the
Arundel Mills Mall in Maryland. Along with MJC and MID, some of the
other defendants are Penn National Gaming Inc. and Frank Stronach.
MJC has previously successfully defended other litigation brought by
Cordish and MID believes this Complaint to be similarly meritless. In
the Complaint, Cordish additionally alleges certain claims respecting
Indiana business matters, of which MID has no knowledge or information.
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.
Additionally, MID owns Santa Anita Park, Golden Gate Fields, Gulfstream
Park (including an interest in The Village at Gulfstream Park, a joint
venture with Forest City Enterprises, Inc.), an interest in joint
ventures in The Maryland Jockey Club with Penn National Gaming, Inc.,
Portland Meadows, AmTote and XpressBet®, and through some of these
assets, is a supplier, via simulcasting, of live horseracing content to
the inter-track, off-track and account wagering markets. For further
information about MID, please visit www.midevelopments.com or call 905-713-6322. MID's filings can be viewed at www.sedar.com and www.sec.gov.
Copies of financial data and other publicly filed documents are
available through the internet on Canadian Securities Administrators'
Systems 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 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 information, events or circumstances or
SOURCE MI Developments Inc.
For further information:
Don Cameron, MID's Chief Operation Officer, at 905-726-7606