AI
Monday, April 07, 2014 4:09:45 PM
ERILF.. $0.1007.. Table Pounder..
Added again today.. Story just gets better and better with each Press Release.. hank
04/07/14 12:56 PM EDT Buy 50000 ERILF Executed @ $0.1007 Details | Edit
04/07/14 12:55 PM EDT Buy 38888 ERILF Executed @ $0.1028 Details | Edit
=============================================================
Empire Industries Reports $25 million in Contract Awards in U.A.E.
PrintAlert
Empire Industries Ltd. (TSX VENTURE:EIL) today reported two contract awards with
different customers in United Arab Emirates, totaling $25 million. These two
contracts represent a significant market presence in the U.A.E., which is one of
the world's most important markets for media based attractions. One of the
contracts is for the company's new special effects indoor roller coaster. The
second contract is for one of the company's Dynamic Flying Theaters. Both
contracts will largely be executed over the next eighteen months.
"Dynamic Attractions continues to accelerate Empire's efforts to bring its
proprietary media-based attractions to market and has already established itself
as one of the innovative leaders in the provision of media based attractions
globally," said Guy Nelson, Chief Executive Officer of Empire Industries. "Since
Dynamic Attractions' inception in 2011, this business unit has booked over $60
million of contracts of our own proprietary attractions."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These
forward-looking statements are based on current expectations, and are naturally
subject to uncertainty and changes in circumstances that may cause actual
results to differ materially. Readers are cautioned not to place undue reliance
on such forward-looking statements. Forward-looking information is provided as
of the date of this press release, and Empire assumes no obligation to update or
revise them to reflect new events or circumstances, except as may be required
under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the third quarter ended September 30, 2013.
The unaudited consolidated financial statements and MD&A have been filed on
SEDAR and can be viewed at www.sedar.com or at www.empind.com.
For the quarter and year-to-date ended
September 30
($ millions except share price and per
share amounts) Q3 2013 Q3 2012 YTD 2013 YTD 2012
----------------------------------------------------------------------------
Financial Results
Revenue 34.1 20.1 86.3 59.1
Adjusted Gross Margin ($)(2) 5.8 2.8 14.6 8.4
Adjusted EBITDA ($)(3) 2.1 0.6 5.1 2.0
Net income from continuing operations 1.6 0.4 3.7 2.5
Net income from all operations 1.6 - 3.7 1.7
----------------------------------------------------------------------------
Financial Position (at September 30)
Total assets 39.7 35.6
Long-term debt (including current
portion) (0.2) (1.7)
Shareholders' equity 13.8 9.5
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing
operations 0.01 - 0.02 0.01
Income per share from all operations 0.01 - 0.02 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing
operations 0.01 - 0.01 0.01
Income per share from all operations 0.01 - 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and indirect
cost of sales excluding depreciation and amortization. While not an IFRS
measure, Adjusted Gross Profit is a key metric used by management to assess the
operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and amortization
(Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does
not take into account the Group's share of profit of an associate investment,
gains and losses on the disposal of assets, fair value changes in foreign
currency forward contracts and non-cash components of stock based compensation.
While not IFRS measures, Adjusted EBITDA is used by management, creditors,
analysts, investors and other financial stakeholders to assess the Group's
performance and management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $27.2 million or 46% in
the first nine months of 2013 to $86.3 million.
-- EBITDA from continuing operations increased by $3.1 million or 155% in
the first nine months of 2013 to $5.1 million.
-- The Group had net income of $3.7 million for the first nine months of
2013 ($0.02 per share), versus net income of $1.7 million ($0.01 per
share) in the first nine months of 2012.
-- Shareholders' Equity was $13.8 million at September 30, 2013, an
increase of $4.3 million (45%) over the prior period.
"The financial results highlighted above and our $3 million private placement
and our outlook for the future, all combined to help us successfully negotiate
and announce a $13.5 million senior lending facility with CIBC just after the
third quarter ended," said Guy Nelson, CEO of Empire Industries. "As our
shareholders all know, it has been a difficult and challenging time to
reposition our Canadian manufacturing and fabrication into a company able to
compete in a globally competitive environment. Great strides have been made, as
this quarter demonstrates, but much more is to be done and we are looking
forward with more optimism and clarity than at any time in our history as a
public company. In addition, our income will be shielded from tax by our tax
loss carryforwards, which were valued at $21 million as of December 31, 2012."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Executes New $13.5 Million Senior Debt Facility with CIBC
PrintAlert
Empire Industries Ltd. (TSX VENTURE:EIL) ("Empire" or the "Company") announced
today that it has executed a senior debt facility for a $10 million operating
line and a $3.5 million term loan with CIBC. This press release and all of the
Company's public filings can be viewed at www.sedar.com or at www.empind.com.
This new facility replaces the $6 million facility the Group has had in place
with Canadian Western Bank.
"We are very pleased to establish a new relationship with CIBC. The $10.0
million operating revolver will improve the liquidity of the Group and thus
allow for improved execution of its backlog, while the $3.5 million term loan
will enhance the Group's working capital position and provide the necessary
funding for the Group to make certain key capital investments to improve its
existing operations and enhance its capabilities moving forward" said Michael
Martin, CFO of Empire.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the second quarter ended June 30, 2013. The
unaudited consolidated financial statements and MD&A have been filed on SEDAR
and can be viewed at www.sedar.com or at www.empind.com.
For the year and quarter ended June 30(1)
($ millions except share price and per Q2 Q2 YTD YTD
share amounts) 2013 2012 2013 2012
----------------------------------------------------------------------------
Financial Results
Revenue 28.4 22.1 52.2 38.9
Adjusted Gross Margin ($)(2) 4.4 3.4 8.7 5.6
Adjusted EBITDA ($)(3) 1.5 1.1 3.0 1.4
Net income from continuing operations 1.0 0.9 2.1 2.1
Net income from all operations 1.0 0.7 2.1 1.7
----------------------------------------------------------------------------
Financial Position (at June 30)
Total assets 35.0 35.6
Long-term debt (including current
portion) (1.6) (1.7)
Shareholders' equity 9.3 9.5
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing
operations 0.005 0.005 0.01 0.01
Income per share from all operations 0.005 0.005 0.01 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing
operations 0.005 0.005 0.01 0.01
Income per share from all operations 0.005 0.005 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and indirect
cost of sales excluding depreciation and amortization. While not an IFRS
measure, Adjusted Gross Profit is a key metric used by management to assess the
operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and amortization
(Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does
not take into account the Group's share of profit of an associate investment,
gains and losses on the disposal of assets, fair value changes in foreign
currency forward contracts and non-cash components of stock based compensation.
While not IFRS measures, Adjusted EBITDA is used by management, creditors,
analysts, investors and other financial stakeholders to assess the Group's
performance and management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $13.2 million or 34% in
the first half of 2013 to $52.2 million.
-- EBITDA from continuing operations increased by $1.6 million or 111% in
the first half of 2013 to $3.0 million.
-- The Group had net income of $2.1 million for the first half of 2013
($0.01 per share), versus net income of $1.7 million ($0.01 per share)
in the first half of 2012.
-- Backlog has increased to $115 million at July 31, 2013 from $92.0
million at December 31, 2012.
"Our financial results continue to reflect Empire's strategic transformation,"
said Guy Nelson, CEO of Empire Industries. "Our focus on higher value added
product manufacturing has increased our gross margins. Our increased sales
volumes are driving higher utilization rates, which translate into improved
fixed cost absorption. As a result of all this, we have nearly doubled our
year-to-date EBITDA compared to the same period last year."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Closes $3 Million Unit Private Placement
PrintAlert
Empire Industries Ltd. ("Empire" or the "Company") (TSX VENTURE:EIL) is pleased
to announce that today it closed a non-brokered private placement of units (the
"Private Placement") to Canada Zhoufa Agricultural Holding Company Limited
("Canada Zhoufa"), a subsidiary of Zhejiang ZF Investment Co. Ltd. ("ZZG") of
China. The Company issued 60,000,000 Units at a price of $0.05 per Unit for
gross proceeds of $3,000,000 with each Unit consisting of one common share and
one-half of one warrant. Each whole warrant will entitle the holder to purchase
one additional common share at a price of $0.05 per share on or before the date
that is one (1) year from the closing, and thereafter at an exercise price of
$0.10 per share on or before the date that is five (5) years from the closing.
Canada Zhoufa subscribed for 50,400,000 Units for gross proceeds of $2,520,000.
Insiders of the Company subscribed for 9,600,000 Units for gross proceeds of
$480,000 or approximately 16% of the private placement. All securities issued
pursuant to the Private Placement are subject to a four month hold pursuant to
applicable securities legislation.
In conjunction with the closing of the Private Placement, the Board of Directors
has appointed Jack Chang as a director of the Company. Mr. Chang is the founder
and managing partner of Canadian Resources Capital, a private investment firm
that is active in cross border businesses.
With reference to its press release dated May 15, 2013, the Company wishes to
advise that the $2.0 million Convertible Debenture Private Placement, joint
venture capitalization and the two Credit Facilities described therein will
require additional time to complete, and close at a later date. Because the
TSX-V preliminary approval of the Convertible Debenture Private Placement will
expire before the Company expects to close the Convertible Debenture, the
Company formally withdraws the existing application on file with the TSX-V. The
Company intends to re-submit the application to the TSX-V and close the
Convertible Debenture Financing as soon as practicable.
Zhejiang ZF Investment Co., Ltd. (ZZG)
Mr. Junliang Xie is the founder and Chairman of ZZG, a personal holding company
with private equity investments in over ten independently operated industrial
and service companies, predominately in China. Mr. Xie was in the first class of
the Private Equity Investment Program offered by Peking University. Mr. Xie
holds an Executive MBA degree from Zhejiang University. Mr.Xie is a director of
three private equity funds in China; Zhoushan Rongsheng Investment Co., Ltd.,
Zhoushan Marine Economy Venture Capital Co., Ltd. and Beijing Qianzhou Qingyuan
Investment Fund Management Co., Ltd. He is also the Managing Director of a
recently created, RMB yen 5 billion (USD $800 million) private equity fund
called the Zhoushan Restructuring Private Equity Fund, whose purpose is to
invest for financial returns and improve Zhoushan industries' global
competitiveness.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the first quarter ended March 31, 2013. The
unaudited consolidated financial statements and MD&A have been filed on SEDAR
and can be viewed at www.sedar.com or at www.empind.com.
For the year and quarter ended March 31
Q1 Q1
($ millions except share price and per share amounts) 2013 2012
----------------------------------------------------------------------------
Financial Results
Revenue 23.8 16.8
Adjusted Gross Profit ($)(2) 4.3 2.2
Adjusted EBITDA ($)(3) 1.5 0.3
Net income from continuing operations 1.1 1.2
Net income from all operations 1.1 1.1
----------------------------------------------------------------------------
Financial Position (at March 31)
Total assets 43.3 30.8
Long-term debt 3.9 4.2
Shareholders' equity 8.3 8.8
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing operations 0.01 0.01
Income per share from all operations 0.01 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing operations 0.01 0.01
Income per share from all operations 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and
indirect cost of sales excluding depreciation and amortization. While
not an IFRS measure, Adjusted Gross Profit is a key metric used by
management to assess the operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and
amortization (Adjusted EBITDA) is not defined by IFRS. The definition of
Adjusted EBITDA does not take into account the Group's share of profit
of an associate investment, gains and losses on the disposal of assets,
fair value changes in foreign currency forward contracts and non-cash
components of stock based compensation. While not IFRS measures,
Adjusted EBITDA is used by management, creditors, analysts, investors
and other financial stakeholders to assess the Group's performance and
management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $7.0 million or 42% in
the first quarter of 2013 to $23.8 million.
-- EBITDA from continuing operations increased by $1.2 million in the first
quarter of 2013 to $1.5 million.
-- The Group had net income of $1.1 million for the first quarter of 2013
($0.01 per share), versus net income of $1.1 million ($0.01 per share)
in the first quarter of 2012.
-- Backlog has increased to $111 million at April 30, 2013 from $92.0
million at December 31, 2012;
"The effects of the Company's strategic transformation is now starting to show
in our financial results," said Guy Nelson, CEO of Empire Industries. "Our 42%
increase in revenue over the prior year's first quarter, is a direct result of
executing some of our substantial and growing backlog. The $1.2 million increase
in EBITDA from continuing operations arises from higher utilization rates on
increased sales volumes, as well as a 5.2% increase in gross profit margin to
18.1% from 12.9%. This higher margin flows from our strategic repositioning in
the market to higher value added product manufacturing."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
Added again today.. Story just gets better and better with each Press Release.. hank
04/07/14 12:56 PM EDT Buy 50000 ERILF Executed @ $0.1007 Details | Edit
04/07/14 12:55 PM EDT Buy 38888 ERILF Executed @ $0.1028 Details | Edit
=============================================================
Empire Industries Reports $25 million in Contract Awards in U.A.E.
PrintAlert
Empire Industries Ltd. (TSX VENTURE:EIL) today reported two contract awards with
different customers in United Arab Emirates, totaling $25 million. These two
contracts represent a significant market presence in the U.A.E., which is one of
the world's most important markets for media based attractions. One of the
contracts is for the company's new special effects indoor roller coaster. The
second contract is for one of the company's Dynamic Flying Theaters. Both
contracts will largely be executed over the next eighteen months.
"Dynamic Attractions continues to accelerate Empire's efforts to bring its
proprietary media-based attractions to market and has already established itself
as one of the innovative leaders in the provision of media based attractions
globally," said Guy Nelson, Chief Executive Officer of Empire Industries. "Since
Dynamic Attractions' inception in 2011, this business unit has booked over $60
million of contracts of our own proprietary attractions."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These
forward-looking statements are based on current expectations, and are naturally
subject to uncertainty and changes in circumstances that may cause actual
results to differ materially. Readers are cautioned not to place undue reliance
on such forward-looking statements. Forward-looking information is provided as
of the date of this press release, and Empire assumes no obligation to update or
revise them to reflect new events or circumstances, except as may be required
under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the third quarter ended September 30, 2013.
The unaudited consolidated financial statements and MD&A have been filed on
SEDAR and can be viewed at www.sedar.com or at www.empind.com.
For the quarter and year-to-date ended
September 30
($ millions except share price and per
share amounts) Q3 2013 Q3 2012 YTD 2013 YTD 2012
----------------------------------------------------------------------------
Financial Results
Revenue 34.1 20.1 86.3 59.1
Adjusted Gross Margin ($)(2) 5.8 2.8 14.6 8.4
Adjusted EBITDA ($)(3) 2.1 0.6 5.1 2.0
Net income from continuing operations 1.6 0.4 3.7 2.5
Net income from all operations 1.6 - 3.7 1.7
----------------------------------------------------------------------------
Financial Position (at September 30)
Total assets 39.7 35.6
Long-term debt (including current
portion) (0.2) (1.7)
Shareholders' equity 13.8 9.5
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing
operations 0.01 - 0.02 0.01
Income per share from all operations 0.01 - 0.02 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing
operations 0.01 - 0.01 0.01
Income per share from all operations 0.01 - 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and indirect
cost of sales excluding depreciation and amortization. While not an IFRS
measure, Adjusted Gross Profit is a key metric used by management to assess the
operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and amortization
(Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does
not take into account the Group's share of profit of an associate investment,
gains and losses on the disposal of assets, fair value changes in foreign
currency forward contracts and non-cash components of stock based compensation.
While not IFRS measures, Adjusted EBITDA is used by management, creditors,
analysts, investors and other financial stakeholders to assess the Group's
performance and management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $27.2 million or 46% in
the first nine months of 2013 to $86.3 million.
-- EBITDA from continuing operations increased by $3.1 million or 155% in
the first nine months of 2013 to $5.1 million.
-- The Group had net income of $3.7 million for the first nine months of
2013 ($0.02 per share), versus net income of $1.7 million ($0.01 per
share) in the first nine months of 2012.
-- Shareholders' Equity was $13.8 million at September 30, 2013, an
increase of $4.3 million (45%) over the prior period.
"The financial results highlighted above and our $3 million private placement
and our outlook for the future, all combined to help us successfully negotiate
and announce a $13.5 million senior lending facility with CIBC just after the
third quarter ended," said Guy Nelson, CEO of Empire Industries. "As our
shareholders all know, it has been a difficult and challenging time to
reposition our Canadian manufacturing and fabrication into a company able to
compete in a globally competitive environment. Great strides have been made, as
this quarter demonstrates, but much more is to be done and we are looking
forward with more optimism and clarity than at any time in our history as a
public company. In addition, our income will be shielded from tax by our tax
loss carryforwards, which were valued at $21 million as of December 31, 2012."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Executes New $13.5 Million Senior Debt Facility with CIBC
PrintAlert
Empire Industries Ltd. (TSX VENTURE:EIL) ("Empire" or the "Company") announced
today that it has executed a senior debt facility for a $10 million operating
line and a $3.5 million term loan with CIBC. This press release and all of the
Company's public filings can be viewed at www.sedar.com or at www.empind.com.
This new facility replaces the $6 million facility the Group has had in place
with Canadian Western Bank.
"We are very pleased to establish a new relationship with CIBC. The $10.0
million operating revolver will improve the liquidity of the Group and thus
allow for improved execution of its backlog, while the $3.5 million term loan
will enhance the Group's working capital position and provide the necessary
funding for the Group to make certain key capital investments to improve its
existing operations and enhance its capabilities moving forward" said Michael
Martin, CFO of Empire.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the second quarter ended June 30, 2013. The
unaudited consolidated financial statements and MD&A have been filed on SEDAR
and can be viewed at www.sedar.com or at www.empind.com.
For the year and quarter ended June 30(1)
($ millions except share price and per Q2 Q2 YTD YTD
share amounts) 2013 2012 2013 2012
----------------------------------------------------------------------------
Financial Results
Revenue 28.4 22.1 52.2 38.9
Adjusted Gross Margin ($)(2) 4.4 3.4 8.7 5.6
Adjusted EBITDA ($)(3) 1.5 1.1 3.0 1.4
Net income from continuing operations 1.0 0.9 2.1 2.1
Net income from all operations 1.0 0.7 2.1 1.7
----------------------------------------------------------------------------
Financial Position (at June 30)
Total assets 35.0 35.6
Long-term debt (including current
portion) (1.6) (1.7)
Shareholders' equity 9.3 9.5
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing
operations 0.005 0.005 0.01 0.01
Income per share from all operations 0.005 0.005 0.01 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing
operations 0.005 0.005 0.01 0.01
Income per share from all operations 0.005 0.005 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and indirect
cost of sales excluding depreciation and amortization. While not an IFRS
measure, Adjusted Gross Profit is a key metric used by management to assess the
operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and amortization
(Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does
not take into account the Group's share of profit of an associate investment,
gains and losses on the disposal of assets, fair value changes in foreign
currency forward contracts and non-cash components of stock based compensation.
While not IFRS measures, Adjusted EBITDA is used by management, creditors,
analysts, investors and other financial stakeholders to assess the Group's
performance and management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $13.2 million or 34% in
the first half of 2013 to $52.2 million.
-- EBITDA from continuing operations increased by $1.6 million or 111% in
the first half of 2013 to $3.0 million.
-- The Group had net income of $2.1 million for the first half of 2013
($0.01 per share), versus net income of $1.7 million ($0.01 per share)
in the first half of 2012.
-- Backlog has increased to $115 million at July 31, 2013 from $92.0
million at December 31, 2012.
"Our financial results continue to reflect Empire's strategic transformation,"
said Guy Nelson, CEO of Empire Industries. "Our focus on higher value added
product manufacturing has increased our gross margins. Our increased sales
volumes are driving higher utilization rates, which translate into improved
fixed cost absorption. As a result of all this, we have nearly doubled our
year-to-date EBITDA compared to the same period last year."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Closes $3 Million Unit Private Placement
PrintAlert
Empire Industries Ltd. ("Empire" or the "Company") (TSX VENTURE:EIL) is pleased
to announce that today it closed a non-brokered private placement of units (the
"Private Placement") to Canada Zhoufa Agricultural Holding Company Limited
("Canada Zhoufa"), a subsidiary of Zhejiang ZF Investment Co. Ltd. ("ZZG") of
China. The Company issued 60,000,000 Units at a price of $0.05 per Unit for
gross proceeds of $3,000,000 with each Unit consisting of one common share and
one-half of one warrant. Each whole warrant will entitle the holder to purchase
one additional common share at a price of $0.05 per share on or before the date
that is one (1) year from the closing, and thereafter at an exercise price of
$0.10 per share on or before the date that is five (5) years from the closing.
Canada Zhoufa subscribed for 50,400,000 Units for gross proceeds of $2,520,000.
Insiders of the Company subscribed for 9,600,000 Units for gross proceeds of
$480,000 or approximately 16% of the private placement. All securities issued
pursuant to the Private Placement are subject to a four month hold pursuant to
applicable securities legislation.
In conjunction with the closing of the Private Placement, the Board of Directors
has appointed Jack Chang as a director of the Company. Mr. Chang is the founder
and managing partner of Canadian Resources Capital, a private investment firm
that is active in cross border businesses.
With reference to its press release dated May 15, 2013, the Company wishes to
advise that the $2.0 million Convertible Debenture Private Placement, joint
venture capitalization and the two Credit Facilities described therein will
require additional time to complete, and close at a later date. Because the
TSX-V preliminary approval of the Convertible Debenture Private Placement will
expire before the Company expects to close the Convertible Debenture, the
Company formally withdraws the existing application on file with the TSX-V. The
Company intends to re-submit the application to the TSX-V and close the
Convertible Debenture Financing as soon as practicable.
Zhejiang ZF Investment Co., Ltd. (ZZG)
Mr. Junliang Xie is the founder and Chairman of ZZG, a personal holding company
with private equity investments in over ten independently operated industrial
and service companies, predominately in China. Mr. Xie was in the first class of
the Private Equity Investment Program offered by Peking University. Mr. Xie
holds an Executive MBA degree from Zhejiang University. Mr.Xie is a director of
three private equity funds in China; Zhoushan Rongsheng Investment Co., Ltd.,
Zhoushan Marine Economy Venture Capital Co., Ltd. and Beijing Qianzhou Qingyuan
Investment Fund Management Co., Ltd. He is also the Managing Director of a
recently created, RMB yen 5 billion (USD $800 million) private equity fund
called the Zhoushan Restructuring Private Equity Fund, whose purpose is to
invest for financial returns and improve Zhoushan industries' global
competitiveness.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
=============================================================
Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited
consolidated financial results for the first quarter ended March 31, 2013. The
unaudited consolidated financial statements and MD&A have been filed on SEDAR
and can be viewed at www.sedar.com or at www.empind.com.
For the year and quarter ended March 31
Q1 Q1
($ millions except share price and per share amounts) 2013 2012
----------------------------------------------------------------------------
Financial Results
Revenue 23.8 16.8
Adjusted Gross Profit ($)(2) 4.3 2.2
Adjusted EBITDA ($)(3) 1.5 0.3
Net income from continuing operations 1.1 1.2
Net income from all operations 1.1 1.1
----------------------------------------------------------------------------
Financial Position (at March 31)
Total assets 43.3 30.8
Long-term debt 3.9 4.2
Shareholders' equity 8.3 8.8
----------------------------------------------------------------------------
Basic Per Share Information
Income per share from continuing operations 0.01 0.01
Income per share from all operations 0.01 0.01
----------------------------------------------------------------------------
Diluted Per Share Information
Income per share from continuing operations 0.01 0.01
Income per share from all operations 0.01 0.01
----------------------------------------------------------------------------
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and
indirect cost of sales excluding depreciation and amortization. While
not an IFRS measure, Adjusted Gross Profit is a key metric used by
management to assess the operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and
amortization (Adjusted EBITDA) is not defined by IFRS. The definition of
Adjusted EBITDA does not take into account the Group's share of profit
of an associate investment, gains and losses on the disposal of assets,
fair value changes in foreign currency forward contracts and non-cash
components of stock based compensation. While not IFRS measures,
Adjusted EBITDA is used by management, creditors, analysts, investors
and other financial stakeholders to assess the Group's performance and
management from a financial and operational perspective.
Summary of results
-- Revenues from continuing operations increased by $7.0 million or 42% in
the first quarter of 2013 to $23.8 million.
-- EBITDA from continuing operations increased by $1.2 million in the first
quarter of 2013 to $1.5 million.
-- The Group had net income of $1.1 million for the first quarter of 2013
($0.01 per share), versus net income of $1.1 million ($0.01 per share)
in the first quarter of 2012.
-- Backlog has increased to $111 million at April 30, 2013 from $92.0
million at December 31, 2012;
"The effects of the Company's strategic transformation is now starting to show
in our financial results," said Guy Nelson, CEO of Empire Industries. "Our 42%
increase in revenue over the prior year's first quarter, is a direct result of
executing some of our substantial and growing backlog. The $1.2 million increase
in EBITDA from continuing operations arises from higher utilization rates on
increased sales volumes, as well as a 5.2% increase in gross profit margin to
18.1% from 12.9%. This higher margin flows from our strategic repositioning in
the market to higher value added product manufacturing."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells
these products domestically and in select international export markets. The
company has developed, designed and engineered products for the rapidly growing,
global, media based attractions market. The company also provides steel
fabrication & installation services, primarily to the industrial, commercial and
infrastructure market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that operates in
the oil sands industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in Asia. Empire's
common shares are listed on the TSX Venture Exchange under the symbol EIL.
Reader Advisory
This news release contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Empire's business and affairs. In
certain cases, forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved". These forward
looking statements are based on current expectations, and are naturally subject
to uncertainty and changes in circumstances that may cause actual results to
differ materially. Readers are cautioned not to place undue reliance on such
forward-looking statements. Forward-looking information is provided as of the
date of this press release, and Empire assumes no obligation to update or revise
them to reflect new events or circumstances, except as may be required under
applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
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