AURORA, ON, Feb. 20 /PRNewswire-FirstCall/ - Magna Entertainment Corp. ('MEC' or 'the Company') (NASDAQ: MECA; TSX: MEC.A) today announced that Mr. Jerry Campbell, lead director and a member of the Audit Committee, has stepped down as a director of MEC, effective immediately.
Frank Stronach, Chairman and Chief Executive Officer of MEC, stated: 'On behalf of everyone at MEC, I would like to thank Jerry for his dedication and many years of service.'
As a result of Mr. Campbell's resignation, MEC is not currently in compliance with the audit committee requirements provided for in Nasdaq Marketplace Rule 4350(d), due to the fact that MEC's Audit Committee is no longer comprised of at least three independent directors. MEC presently has two qualified independent directors on its Audit Committee. MEC intends to rely on the cure period provisions of Nasdaq Marketplace Rule 4350(d)(4), under which MEC has until the earlier of MEC's next annual shareholders' meeting or February 20, 2010 to regain compliance with Nasdaq's audit committee requirements.
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).
