Empire Industries Ltd.

Empire Industries Ltd.

September 12, 2016 16:00 ET

Empire Industries Announces Voting Results From Annual and Special Meeting of Shareholders Held on September 12, 2016

TORONTO, ONTARIO--(Marketwired - Sept. 12, 2016) - 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 12, 2016.

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 9, 2016 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 In Favour Votes Withheld
Ian Macdonald 9,389,082 (99.40 %) 56,559 (0.60 %)
Guy Nelson 9,347,832 (98.96 %) 97,809 (1.04 %)
Robert Marshall 9,395,332 (99.47 %) 50,309 (0.53 %)
Terry Quinn 9,389,082 (99.40 %) 56,559 (0.60 %)
Jane Lin 9,348,560 (98.97 %) 97,081 (1.03 %)
Jack Chang 9,305,785 (98.52 %) 139,856 (1.48 %)
Peter White-Robinson 9,323,560 (98.71 %) 122,081 (1.29 %)

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

  • Fixing the number of directors to be elected at 7: passed with 99.45% of votes cast in favour.
  • Appointing MNP LLP as auditors of the Company: passed with 99.77% of votes cast in favour.
  • Approval of Company's Stock Option Plan: passed with 85.44% of votes cast in favour.

"Our strategic actions this year have been designed to increase the company's focus on our media-based attractions business," said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire Industries. "We have expanded our ride system product line, and broadened our service offering to include the launching of Unlimited Attractions™ services through our Orlando design facility. In essence, Unlimited Attractions™ is the service that converts our ride systems into complete media based attractions. We have also been pursuing some very exciting initiatives designed to lead to recurring revenue streams, such as our recently announced Strategic Cooperation Agreement for Space Park in China. To enhance our focus on media-based attractions, we completed the spin out of our Manufactured Products segment into a separate publicly traded company called Tornado Global Hydrovacs Ltd. (TSX VENTURE:TGH)."

Mr. Nelson gave a presentation about the company after the formal business portion of the meeting was completed. The presentation and Company video 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 designed and manufactured 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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