Empire Industries Reports Contract Award of USD $21 million
VANCOUVER, September 20, 2016 – Empire Industries Ltd. (TSX-V: EIL) today reported that its Dynamic Attractions business unit has been awarded a contract valued in excess of USD $21 million to supply a ride system for a major theme park in Asia. The contract will largely be executed over the next 36 months from the company’s Vancouver-based design and manufacturing facilities.
“Our increased focus on media-based attractions is paying off with greater market penetration in repeat order ride system sales,” said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire Industries. “Contracts like this, along with sales of our proprietary ride system product line and our Orlando-based Unlimited AttractionsTM services, form the backbone of our media-based attraction strategy. They are also the launching pad for other strategic initiatives designed to lead to recurring revenue streams for the Company, such as our recently announced Strategic Cooperation Agreement for Space Park in China.”
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.
About Dynamic Attractions
Many of the most popular rides at the world’s largest amusement parks have been engineered, fabricated and/or built by Dynamic Attractions and its sister company, Dynamic Structures. The media-based attractions company has a proven record of delivering rides with unmatched records of guest satisfaction, safety, quality and reliability. Dynamic Attractions is a subsidiary of Empire Industries Ltd. (TSX Venture Exchange: EIL).
For more information about the Company, visit www.empind.com or contact:
Executive Chairman & CEO
Phone: (416) 366-7977
VP Corporate Affairs & Administration
Phone: (204) 589-9301
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.