Magna Entertainment Corp. 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.