Empire Industries Ltd.
TSX VENTURE : EIL

Empire Industries Ltd.

September 18, 2014 07:00 ET

Empire Industries Elects New Director, Announces New Business Initiative at Annual Shareholders Meeting

WINNIPEG, MANITOBA--(Marketwired - Sept. 18, 2014) - Empire Industries Ltd. (TSX VENTURE:EIL) today announced changes to the composition of its board of directors, arising from its Annual General and Special Meeting of Shareholders held yesterday.

Changes to the Board

The shareholders elected one new director, and re-elected 6 other directors to the board at the meeting. The new director is Peter White Robinson, who has many years of experience in international contracting businesses. Not returning this year are Campbell McIntyre and Bruce Jackson. Mr. McIntyre announced his intention to retire from Empire before the information circular was issued, and was therefore not included in the slate of candidates. Bruce Jackson announced his retirement after the information circular was issued, and withdrew his candidacy accordingly. Ian Macdonald, Guy Nelson, Terry Quinn, Bob Marshall, Jane Lin, and Jack Chang were all re-elected.

"We're delighted that Peter White-Robinson accepted our invitation to join the board," said Guy Nelson, Chief Executive Officer of Empire Industries. "Peter's years of experience in international engineering and manufacturing business will be a real asset to Empire as our international businesses become an even more significant portion of our revenue and growth.

At the shareholder's meeting, Mr. Nelson thanked Campbell McIntyre and Bruce Jackson for their years of service to the Company. He noted that Mr. McIntyre had spent 38 years at Empire Iron Works Ltd., 17 of them as President. He was one of the founding directors of Empire Industries, and served as its Chief Financial Officer from 2006 until 2008, and again from 2011 to 2012. Mr. Jackson first joined the Board in 2010, and the company benefited greatly from his prior experiences, including his tenure as president of Dynamic Structures, which was subsequently acquired by Empire.

New Business Developments

During the annual meeting, Mr. Nelson made a presentation updating investors on the status of Empire's current and new business initiatives. A copy of this presentation has been posted on Empire's website at www.empind.com.

One of the new business developments that was presented was an expansion of Empire's interest in astronomical telescopes, through the creation of a strategic alliance between Empire and the Harlingten Center for Innovative Optics Ltd. This strategic alliance is focused on research and development of potentially disruptive new technologies in the manufacture and polishing of the large mirrors used by giant telescopes. These new technologies hold the potential to make large astronomical telescopes much less expensive to build, and much faster to deliver, dramatically changing the potential market for the equipment.

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 and 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". 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.

Contact Information

  • Guy Nelson
    Chief Executive Officer
    Phone: (416) 366-7977
    Email: gnelson@empind.com

    Allan Francis
    Vice President - Corporate Affairs and Administration
    Phone: (204) 589-9301
    Email: afrancis@empind.com