WINNIPEG, MANITOBA--(Marketwired - Jan. 23, 2014) - Empire Industries Ltd. (TSX VENTURE:EIL) today announced that Guy Nelson, Chief Executive Officer, has been appointed to the role of Executive Chairman of the Board, in addition to his role as CEO and President. Ian Macdonald, who was previously the Independent Chairman of the Board, has been appointed to the role of Non-Executive Chairman.
"The functions of Executive and Non-Executive roles Chairman were seen as two very distinct roles by the Board of Directors", said Guy Nelson. "Separating the roles between a management director and an independent director allows the Company to maximize its leverage of the skills and experience of its leadership team."
In accordance with the position description approved by the Board, the Non-Executive Chairman is an independent director with particular responsibilities for ensuring that the Board of Directors evaluates the performance of management objectively. These responsibilities include the responsibilities that are typically associated with a Lead Director position.
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.
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.