Empire To Dispose of Non-Core Assets
WINNIPEG, Manitoba, Feb. 24, 2021 (GLOBE NEWSWIRE) — Empire Industries Ltd. (TSX-V: EIL, OTC:ERILF) (“Empire”, “EIL”, “us”, “our”, “we” or the “Company”) is pleased to announce that, subject to the approval of the TSX Venture Exchange (“TSX-V”), the Company has entered into agreements with 10 arm’s-length purchasers to sell an aggregate of 12,538,595 common shares (the “Shares”) in the capital of Tornado Global Hydrovacs Ltd. (TSXV:TGH) (“Tornado”) at an average price of $0.168 per Share for aggregate gross proceeds of CAD $2,107,942.50 (the “Transaction”). The Company intends to close the Transaction as soon as possible and use the net proceeds of the Transaction for general working capital purposes.
The Company, subject to TSX-V approval, intends to pay a cash finder’s fee to an arm’s length finder in the amount of CAD $107,942.50 on a portion of the Shares sold pursuant to the Transaction.About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing iconic, media-based attractions and ride systems for the global theme park industry. It also uses these same engineering integration skills for special projects in diversified industries such as large optical telescopes and enclosures. Empire also has commenced an initiative to leverage its world class flying theater and attraction development capability on a co-venture ownership basis. It was selected as a 2020 TSX Venture 50 company. The 2020 TSX Venture 50 is a ranking of top performers on the TSX Venture Exchange over the past year. The ranking is comprised of 10 companies from each of 5 industry sectors, with Empire being selected in the Diversified Industry category. Selection was based on three equally weighted criteria; share price, trading and market capitalization. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.For more information about the Company, visit empind.com or contact:Reader AdvisoryThis 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’’, “booked”, ‘‘scheduled’’, “positions”, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’, “believes” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, “may be”, ‘‘could’’, “should”, ‘‘would’’, ‘‘might’’ or ‘‘will’’, ‘‘occur’’ or ‘‘be achieved’’. Such statements include statements with respect to: (i) receipt of the approval of the TSX-V; (ii) the use of the net proceeds; and (iii) the Company’s intention to dispose its entire ownership interest in Tornado. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Empire. The forward-looking statements contained in this news release represent Empire’s expectations as of the date hereof, and are subject to change after such date. Empire disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.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.