AURORA, ON, Jan. 26 /CNW/ - Magna Entertainment Corp. ("MEC" or "the
Company") (NASDAQ: MECA; TSX: MEC.A) today announced that Charlie J. Williams
has stepped down as a director of MEC. Mr. Williams informed MEC that, "I have
greatly enjoyed my time as a director of MEC. However, in the current
environment there are other business matters unrelated to MEC that require all
of my time and attention. I will always maintain a strong interest in MEC and
a wish that it, and horse racing generally, will have a bright future."
Frank Stronach, Chairman and Chief Executive Officer of MEC, stated: "On
behalf of everyone at MEC, I would like to thank Charlie for his dedicated
service. His keen ability for strategic thinking and fresh point of view were
invaluable to MEC's Board of Directors. Charlie has our gratitude and wishes
for success in all his future endeavors."
Mr. William's position on the Audit Committee will be filled by Frank
Vasilkioti effective immediately.
ABOUT MEC
MEC, North America's largest owner and operator of horse racetracks,
based on revenue, 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) internationally. Pursuant to joint ventures, MEC has a fifty
percent interest in HorseRacing TV(R), a 24-hour horse racing television
network, and TrackNet Media Group LLC, a content management company formed for
distribution of the full breadth of MEC's horse racing content.
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
expected future compliance with Nasdaq Marketplace Rule 4350(d) 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.
