AURORA, ON, Oct. 7 /PRNewswire-FirstCall/ -- MI Developments Inc. ("MID) (TSX: MIM.B; NYSE: MIM) announced today Fasig-Tipton's world-renowned Selected 2-year-olds In Training sale will be held Thursday, March 3, 2011 at its Palm Meadows training facility. The under-tack show will be held Monday, February 28, 2011.
The Fasig-Tipton Florida sale is a market leader and attracts the sport's top horsemen from around the world. For many years, the sale has generated the highest gross revenue and average price among the major select sales of 2-year-olds in training. More stakes winning graduates have been sold at this auction than any other currently-operating 2-year-old in training sale.
Palm Meadows, conceived and designed by Frank Stronach, Chairman of MID, is a world-class training facility that has drawn rave reviews since opening in November of 2002. The training facility has become the 'Winter Home of Champions," producing five of the last eight Kentucky Derby winners and having been the winter home of Horse of the Year and Breeders' Cup Classic winners Ghostzapper, Invasor and Saint Liam.
"We are delighted to welcome Fasig-Tipton to Palm Meadows," said MID's Chairman, Frank Stronach. "This brings together two of thoroughbred racing's industry leaders and it continues MID's commitment to enhance thoroughbred racing to fans, horsemen, consignors and buyers throughout the world."
"We believe this is an exciting and unique opportunity to work with MI Developments, and hold our 2011 Select 2-year-olds in Training Sale at Palm Meadows," said Boyd Browning, President and CEO of Fasig-Tipton. "Horsemen from around the world will find Palm Meadows to be one of the most beautiful and sophisticated training centers of its kind and the sale to be memorable for its setting and talented 2-year-olds."
Palm Meadows, which can accommodate 1,325 thoroughbreds in 40 barns, is a sprawling, beautifully-manicured 286-acre facility in Palm Beach County located approximately 45 miles north of Gulfstream Park and only minutes from the Florida Turnpike.
"Palm Beach County is honored that Fasig-Tipton is hosting its 2-Year-Olds In Training sale at Palm Meadows thoroughbred training center on February 28 and March 3, 2011," said Burt Aaronson, Chair of the Board of County Commissioners from Palm Beach County. "It will be a real boost for our local economy as it draws in visitors from around the world."
A portion of the proceeds from the sale will go to Blue Horse Charities. Formed in 2001, Blue Horse Charities assists in providing a humane solution for thoroughbreds no longer suitable for breeding or racing. The charity is funded by buyers, consignors and Fasig-Tipton.
About MID: 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(TM), a joint venture with Forest City Enterprises, Inc.), The Maryland Jockey Club (via a joint venture with Penn National Gaming, Inc.), Portland Meadows, AmTote and XpressBet(R), and through some of these assets, is a supplier, via simulcasting, of live horseracing content to the inter-track, offtrack and account wagering markets. For further information about MID, please visit http://www.midevelopments.com/ or call 905-713-6322.
Other Information: For other information about MID, such as financial data and other publicly filed documents, please visit the Canadian Securities Administrators' Systems for Electronic Document Analysis and Retrieval (SEDAR), which can be accessed at http://www.sedar.com/ or the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR) at http://www.sec.gov/ .
Forward-Looking Statements: This press release may contain 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 may 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 http://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 otherwise.
MI Developments Inc.
CONTACT: Dennis Mills, Vice-Chairman and Chief Executive Officer of MID,
at 905-726-7614
