Empire Industries Ltd.

Empire Industries Ltd.

November 01, 2013 17:12 ET

Empire Industries Executes New $13.5 Million Senior Debt Facility with CIBC

WINNIPEG, MANITOBA--(Marketwired - Nov. 1, 2013) - Empire Industries Ltd. (TSX VENTURE:EIL) ("Empire" or the "Company") announced today that it has executed a senior debt facility for a $10 million operating line and a $3.5 million term loan with CIBC. This press release and all of the Company's public filings can be viewed at www.sedar.com or at www.empind.com.

This new facility replaces the $6 million facility the Group has had in place with Canadian Western Bank.

"We are very pleased to establish a new relationship with CIBC. The $10.0 million operating revolver will improve the liquidity of the Group and thus allow for improved execution of its backlog, while the $3.5 million term loan will enhance the Group's working capital position and provide the necessary funding for the Group to make certain key capital investments to improve its existing operations and enhance its capabilities moving forward" said Michael Martin, CFO of Empire.

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". 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