WINNIPEG, MANITOBA--(Marketwire - May 4, 2011) - Empire Industries Ltd. (TSX VENTURE:EIL) today announced it has granted stock options to purchase up to 7,450,000 common shares to Directors and Management. The stock options have an exercise price of $0.10, with 25% vesting immediately and the balance vesting in equal increments on the next three anniversaries of the grant. These options will expire May 3, 2016, and are subject to TSX-V approval.
About Empire Industries Ltd.
Empire Industries Ltd. is based primarily in western Canada, and operates in two market segments: Specialized Engineered Products (globally) and Steel Fabrication and Installation (primarily in western Canada). It participates in a strategic partnership in the industrial maintenance services sector through its 49% equity stake in ACE Industrial Services, an aboriginally controlled business based in Fort McMurray. It also participates in a strategic partnership in the Chinese engineered product and steel fabrication markets through its 45% equity stake in Dongguan Qiguang Dynamic Steel Structures. 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.
Neither 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.
Contact Information:
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