AURORA, ON, March 9 /CNW/ - Magna Entertainment Corp. ("MEC" or "the
Company") (NASDAQ: MECA; TSX: MEC.A) announced today that it received
notification from The Nasdaq Stock Market ("Nasdaq") indicating that Nasdaq
staff had determined, in accordance with Marketplace Rules 4300, 4450(f) and
IM-4300, that the Company's securities will be delisted from Nasdaq as a
result of, among other things, MEC's announcement that it filed a voluntary
petition for relief under Chapter 11 in the United States. MEC does not intend
to appeal Nasdaq's delisting decision and, accordingly, the trading of MEC's
Class A Subordinate Voting Stock will be suspended at the opening of business
on March 16, 2009.
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, our eligibility to
meet the continued listing requirements of Nasdaq 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.
