Press Releases

PASADENA, Calif.--(BUSINESS WIRE)-- JMG Exploration, Inc., ("JMG" or the "Company") (OTC: JMGEE) announced that it entered into a Settlement Agreement between Newco Group Ltd. ("Newco"), and Iris Computers Ltd. (Iris) in regards to a defaulted $3 million loan to Newco. The Settlement Agreement provides that all rights, claims and demands of all parties are settled in full upon JMG's surrender of 1,427,665 shares of Iris held as collateral for the loan and JMG's receipt of $1,900,000. Payment to JMG is to occur within one week of receiving statutory approvals required by Indian laws or December 1, 2009, whichever is later. JMG will record a gain on settlement of $750,000 in the 4th quarter of 2009.

JMG also announced that Reg Greenslade has resigned as Chairman and will no longer serve as a director. Joseph Skeehan will replace Mr. Greenslade as Chairman. Tom Jacobsen was also appointed President of JMG Canada Limited and effective December 15, 2009, Justin Yorke will replace Mr. Skeehan as Chief Executive and Financial Officer.

About JMG: JMG Exploration, Inc., which was incorporated under the laws of the State of Nevada on July 16, 2004, explores for oil and natural gas in the United States and Canada.

This press release contains forward-looking statements. The words "proposed", "anticipated" and scheduled" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The following factor, among others, could cause actual results to differ from those described in the forward-looking statements in this document: the results of JMG's review of the impact of the corrected calculation of depreciation, depletion and amortization and other factors described in JMG's filings with the Securities and Exchange Commission ("SEC"), which are available at the SEC's Web site (http://www.sec.gov). JMG is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

    Source: JMG Exploration, Inc.

AURORA, ON, Nov. 11 /PRNewswire/ - Magna Entertainment Corp. ("MEC" or the "Company") filed this news release as its fourteenth bi-weekly default status report under National Policy 12-203 of the Canadian Securities Administrators, pursuant to which MEC announced that it would not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, nor would it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor-in-possession under the United States Bankruptcy Code. Since announcing the original notice of default on March 26, 2009, and filing its first default status report on April 7, 2009, its second default status report on April 28, 2009, its third default status report on May 29, 2009, its fourth default status report on June 12, 2009, its fifth default status report on June 26, 2009, its sixth default status report on July 10, 2009, its seventh default status report on July 24, 2009, its eighth default status report on August 7, 2009, its ninth default status report on August 25, 2009, its tenth default status report on September 9, 2009, its eleventh default status report on September 23, 2009, its twelfth default status report on October 14, 2009 and its thirteenth default status report on October 28, 2009, there have not been any material changes to the information contained therein, nor any failure by MEC to fulfill its intentions stated therein, and there are no additional defaults or anticipated defaults subsequent thereto. The Company intends to file its next default status report on November 25, 2009.

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). 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. 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 the Company's 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 the Company's control, that could cause actual events or results to differ materially from such forward-looking statements. Important factors that could cause actual results to differ materially from the Company's forward-looking statements include, but may not be limited to, the timing of filing of default status reports, the Company's ability to obtain court approval with respect to its motions in the Chapter 11 proceedings; the ability of the Company and its subsidiaries to prosecute, develop and consummate a plan of reorganization with respect to the Chapter 11 proceedings; risks associated with third party motions in the Chapter 11 proceedings, which may interfere with the Company's ability to develop and consummate a plan of reorganization; the potential adverse effects of the Chapter 11 proceedings on the Company's liquidity or results of operations; and material adverse changes in: general economic conditions; the popularity of racing and other gaming activities as recreational activities; the regulatory environment affecting the horse racing and gaming industries; the Company's ability to obtain or maintain government and other regulatory approvals necessary or desirable to proceed with proposed real estate developments; increased regulation affecting certain of the Company's non-racetrack operations, such as broadcasting ventures; and the Company's ability to develop, execute or finance the Company's strategies and plans within expected timelines or budgets. In drawing conclusions set out in our forward-looking statements above, we have assumed, among other things: the ability of the Company to obtain court approval with respect to its motions in the Chapter 11 proceedings; the ability of the Company and its subsidiaries to prosecute, develop and consummate a plan of reorganization with respect to the Chapter 11 proceedings; that the Company will be able to manage the risks associated with third party motions in the Chapter 11 proceedings and they will not interfere with the Company's ability to develop and consummate a plan of reorganization; the Company will be able to adequately manage any potential adverse effects of the Chapter 11 proceedings on MEC's liquidity or results of operations.

Forward-looking statements speak only as of the date the statements were made. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking statements. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect thereto or with respect to other forward-looking statements.

SOURCE: Magna Entertainment Corp.

SOURCE Magna Entertainment Corp.

NEW YORK, Nov. 11 /PRNewswire/ -- There is a growing sense of anticipation about the global M&A environment with 33% of businesses likely or highly likely to acquire other companies in the next 12 months, according to a new study of almost 500 senior executives around the world by Ernst & Young's Transaction Advisory Services. In fact, 25% expect to do so in the next six months.

The study, entitled Why capital matters - building competitive advantage in uncertain times, is underpinned by the first in a regular series of surveys called the Capital confidence barometer, which was conducted in October. The survey finds that despite recognizing the opportunity for transactions, 62% of businesses feel their ability to act is restricted by various factors, including the lack of available financing.

Pip McCrostie, Global Vice-Chair, Transaction Advisory Services, at Ernst & Young, says: "In the coming months, there is likely to be an increase in M&A activity as companies dispose non-core, underperforming or distressed assets. Those in a position to buy will have the opportunity to capture market share and grow revenues in ways that were impossible two years ago.

Rich Jeanneret, Americas Vice-Chair, Transaction Advisory Services at Ernst & Young LLP, says: "Companies are looking for ways to drive revenue growth through M&A. Valuations are lower than they have been for many years, providing potential opportunities for well-capitalized companies to expand or redefine their businesses, increase their market share, or enter new markets."

McCrostie continues, "Buying will not be an option for all. Capital is no longer cheap nor is it readily available. The tough new realities will force some executives to seriously consider a strategic review. Many companies have responded to the recession with short-term measures around cash and costs. Sensible though these were, they are largely temporary, buying breathing space. To thrive, companies need to be resilient and they also need to adapt quickly. That means being able to compete strongly for new funding options in a time of scarce capital, strengthening their core operations and having the ability to make opportunistic decisions."

The survey found strengthening core operations is the primary transaction driver, with 64% considering acquisitions for this reason and 50% of executives are looking to acquire to enter new geographic markets -- nearly half list the US as the most attractive developed market destination, while emerging markets were dominated by India (30%) and China (27%).

Sixty-three percent of respondents are expecting to see acceleration of industry consolidation in the next 12 months, while 61% expect the downturn to reveal the emergence of a few industry winners best able to exploit acquisition opportunities.

Adapting to uncertainty

While M&A confidence is up, a strong note of caution is also reflected in the survey with 70% of companies expecting the downturn in the broader economy to persist beyond the next 12 months. Of those, 40% believe it will continue for more than two years.

Furthermore, 53% of respondents believe that financing conditions will not return to mid-2007 levels for at least another three years with 19% believing it will be over five years or it may never return to this level.

McCrostie continues: "In 2010 finance will continue to be very difficult to secure. New options will need to be explored - from joint ventures to IPOs. In this complex and uncertain environment a strong capital agenda will be central to boardroom planning and strategy. Boards need new capabilities around performance reporting, forecasting and strategic decision modeling around capital that will, over time, become normal business practice. Leading businesses recognize that amid the new risks there is also opportunity - resilience must be enhanced alongside the ability to respond quickly as the market changes."

Driving the capital agenda

While valuation uncertainty, insufficient financing, investor caution and board scrutiny are cited as current obstacles to doing deals, raising capital is recognized as a critical factor, with 46% prepared to consider alternative deal structures that depend less on debt.

McCrostie adds: "We are already seeing leading boards drive a more focused, disciplined and rigorous management of their capital. Different options will suit different needs -- whether it's operational restructuring, divesting or acquiring opportunistically, but doing nothing and trying to ride out the storm is not a strategy for success."

Survival of the quickest

In an environment where further distress will drive short notice accelerated timetables - readiness to act is critical for success. Forty-five percent of executives expect an increase in distressed assets coming to market yet two thirds are not confident in their ability to act quickly. Only 36% say they are ready to act quickly should the right opportunity present itself.

"Boards will now need to juggle new demands in this environment. They will have to maintain investor confidence, win the competition for scarce capital, adapt to changing market conditions and exploit opportunities for growth. The winners will avoid the temptation of inertia and have the confidence to use their capital at a time when rapid decision-making could make the crucial difference between success and failure elsewhere," says McCrostie.

"The market will divide into those who quickly adapt and thrive and those who play by the old rules for these very new market conditions. A nimble response is needed, no matter the size of the organization - much like time and tide, market share waits for no man."

About the survey

The Ernst & Young Capital confidence barometer is a survey of 490 senior executives from large companies around the world and across industry sectors. The Barometer will be re-run throughout 2010 to gauge shifts in board room sentiment, confidence, focus and activity as the dynamics of the post-recession environment become clearer.

About Ernst & Young

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. For more information, please visit www.ey.com.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

This news release has been issued by EYGM Limited, a member of the global Ernst & Young organization that also does not provide any services to clients.

SOURCE Ernst & Young

SANTA MONICA, Calif., Nov. 11 /PRNewswire/ -- Lady Gaga announced today that she will release her next album, The Fame Monster, in three different versions -- a standard version of the new 8-song album; a deluxe version which includes both The Fame Monster and her massively successful debut album The Fame; and a collector's edition super-deluxe art book version, which includes both albums, fanzines, 3-D glasses, paper dolls, a puzzle, pictorials, a lock of Lady Gaga's hair and other surprises.

(Photo: http://www.newscom.com/cgi-bin/prnh/20091111/LA09965)

Says Lady Gaga, "In the midst of my creative journey composing The Fame Monster, there came an exciting revelation that this was in fact my sophomore album. I would not add, nor take away any songs from this EP; it is a complete conceptual and musical body of work that can stand on its own two feet. It doesn't need The Fame.

"We may have an economy, but MUSIC HAS NO ECONOMY. I will release four or more singles from The Fame Monster, tour the world with The Monster Ball Tour, and most importantly I insist on honoring my fans with an affordable new album, an album that is as loyal to them, as they have been to me.

"For those who do not have my debut album, there are a series of collectible double-disc editions that include both albums and artwork conceived by the Haus of Gaga in collaboration with our mentor Hedi Slimane. Hear the music, see the show, live and love yourself ... Lady Gaga."

The standard and deluxe versions of The Fame Monster will be released on November 23, 2009. The collector's edition super-deluxe version will be released on December 15, 2009.

Lady Gaga is the first artist since the inception of monitored airplay to chart four #1 hits at Top 40 Radio -- "Just Dance," "Poker Face," "LoveGame," and "Paparazzi." She will perform her next chart-topper, "Bad Romance," on the American Music Awards (ABC) on November 22, 2009.

SOURCE Interscope Records

LAS VEGAS, NV -- (MARKET WIRE) -- 11/11/09 -- This technology driven world is changing at such a rapid pace like never seen before in history; change is impacting all of us. A major paradigm shift is taking place right now in a new global economy, global environmental conditions, globalization of business and finance that has never been experienced by mankind.

The International Congress of Business Professionals is hosting the Pioneer Congress this November 17-18 at the Las Vegas Hilton to address these key issues with some of the industry's top experts who are on the cutting edge providing guidance and solutions for business people to capitalize.

At this event, this special pioneer group of attendees will be listed in the permanent archives that will leave a lasting legacy to inspire their children and future generations to carry on for good humane cause. They represent the leadership and possess the vision to author a new and positive direction for business and our planet.

By bringing together the leading experts in global business, green, technology, finance, education, government relations, leadership and more, the private business sector can pave the road to a brighter future beneficial to all.

Workers and executives absolutely need to train and re-educate themselves in this new world. Those who understand it and are educated to navigate through the recent financial crisis and capture the opportunity will thrive in the next few years.

Similar to the lofty goal set forth by John F. Kennedy in the early '60s, stating the mission that by decades end, man will set foot on the moon, the International Congress of Business Professionals is taking the lead for better prosperity uniting global business, industry, professions and financial leaders together to build a new "rocket ship" to catapult business and industry into the 21st century.

If you're looking to jump-start your business in this new economy and go green, the Pioneer Congress is the place to start. You will also be able to network with companies from around the United States and the world, and be a part of the International Congress of Business Professionals. Don't miss the opportunity to start or re-launch yourself and your business in this new economy.

To get your tickets, go to PIONEER CONGRESS TICKETS. If you'd like more information about this event, or to contact Jourdan Groves, please call 951-779-3550 or e-mail Jourdan at info@icobp.com.

Contact:
Jourdan Groves
Tel: 951-779-3550
Email: Email Contact