Empire Industries Ltd.

Empire Industries Ltd.

September 24, 2015 07:00 ET

Empire Industries Announces Voting Results From Annual and Special Meeting of Shareholders Held on September 23, 2015

TORONTO, ONTARIO--(Marketwired - Sept. 24, 2015) - Empire Industries Ltd. (TSX VENTURE:EIL) ("Empire" or the "Company") today reported the voting results from its Annual and Special Meeting of shareholders held on September 23, 2015.

All of the seven nominees proposed by management for election to the Board of Directors at the meeting and listed in the Company's Management Information Circular dated August 14, 2015 were elected. The Directors will remain in office until the next annual meeting of shareholders, or until their successors are elected or appointed.

The results of the vote on the election of the Board of Directors are as follows:

Votes For Votes Withheld
Director # % # %
Ian Macdonald 119,802,430 99.76 283,161 0.24
Guy Nelson 119,507,430 98.56 578,161 0.48
Robert Marshall 119,802,430 99.76 283,161 0.24
Terry Quinn 119,802,430 99.76 283,161 0.24
Jane Lin 119,770,340 99.74 315,251 0.26
Jack Chang 115,297,150 96.01 4,788,441 3.99
Peter White-Robinson 116,421,840 96.95 3,663,751 3.05

Additionally, resolutions approving the following additional matters were passed at the meeting:

  • Fixing the number of directors to be elected at 7: passed with 99.88% of votes cast in favour.
  • Appointing MNP LLP as auditors of the Company: passed with 99.88% of votes cast in favour.
  • Approval of Company's Stock Option Plan: passed with 95.02% of votes cast in favour.
  • Authorization to proceed with a share consolidation of up to 10 pre-consolidation shares for 1 post-consolidation share, at the discretion of the Board: passed with 98.85% of votes cast in favour.

"As we said when we first announced that we were seeking shareholder approval for a stock consolidation, the board will only proceed to implement such a consolidation if the conditions are right," said Guy Nelson, Chief Executive Officer of Empire Industries. "Our shareholders granted a similar request for authority back in 2008, but the board chose not to implement a stock consolidation that year because of the stock market conditions that developed after the authority was granted. The board will again exercise its best judgement in determining when or whether to proceed with the stock consolidation, in accordance with the approval we received from our shareholders today."

Mr. Nelson gave a presentation about the company after the formal business portion of the meeting was completed. The slideshow can be viewed on the company's website at www.empind.com.

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" or similar expressions and includes suggestions of future outcomes, including statements about the approval and acceptance of the Share Consolidation and number of Common Shares outstanding following the Share Consolidation. 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. These risks include, but are not limited to: obtaining shareholder approval of the Share Consolidation, approval by the Board of the Share Consolidation and receiving acceptance from the TSX Venture Exchange for the Share Consolidation. 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.

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