Empire Industries Ltd.

Empire Industries Ltd.

April 17, 2007 06:00 ET

Empire Industries Ltd. Acquires Dynamic Structures

TORONTO, ONTARIO--(CCNMatthews - April 17, 2007) - Empire Industries Ltd., (TSX VENTURE:EIL)("Empire"), one of Western Canada's fastest growing steel fabrication and construction service providers, today announced that it has purchased all the issued and outstanding shares of AMEC Dynamic Structures Ltd. (www.dynamicstructuresltd.com) from AMEC ("AMEC"). The name of the company has been changed to Empire Dynamic Structures Ltd. ("Dynamic Structures").

The purchase price was $9.8 million plus working capital and was paid for with a combination of cash and promissory notes. The purchase price included a fully equipped, 61,000 square foot steel fabrication shop on 10 acres of owned land in Port Coquitlam, B.C.

In the prior year, Dynamic Structures generated revenue of $21 million and employs approximately 60 shop employees, 30 billable engineering and drafting employees and 20 sales, administrative and management employees. Two of the major contracts currently being performed by Dynamic Structures have been assigned to a 50/50 joint venture between AMEC and Dynamic Structures. There is a third major steel fabrication contract to build two ski jumps in Whistler, B.C. for the upcoming winter games in 2010. It is in the early stages of fabrication and will be completed before year-end. Dynamic Structures current backlog, including its 50% share of the two joint ventures, is $25 million.

Dynamic Structures has been in operation since 1926 and has become one of the world's premier providers of movable (dynamic) structures. Using value analysis and engineering, Dynamic Structures develops effective strategies to cover all aspects of complex, structural and mechanical system projects right through design, fabrication and on-site construction. Dynamic Structures has an enviable reputation in providing these services to the global amusement ride industry, the global telescope observatory market and the western Canadian steel fabrication market.

"The acquisition of Dynamic Structures adds much needed steel fabrication capacity to Empire and it significantly strengthens Empire's focus on increasing its strength in project management and quality assurance systems, increasingly required on complex fabrication projects. This acquisition also demonstrates Empire's commitment to making strategic acquisitions in high growth market niches, complimentary to those markets already served by other subsidiaries in the Empire group," stated Guy Nelson, CEO of Empire Industries Ltd.

About Empire Industries Ltd.

Empire Industries Ltd. is a public company that was formed in July 2006. Empire Industries Ltd. is one of Western Canada's fastest growing steel fabrication and construction service providers. It operates its business through four wholly owned subsidiaries: Empire Iron Works Ltd., George Third and Son Ltd., Ward Industrial Equipment Ltd., Hopkins Steel Works Ltd, and a 49% ownership interest in Sorge's Welding Ltd. Empire's mandate is to increase shareholder value by growing profits organically, by targeting acquisitions and by expanding its market share in the burgeoning industrial, commercial and institutional construction marketplace of Western Canada. The Corporation trades on the TSX Venture Exchange under the trading symbol EIL.

About AMEC

AMEC is an international project management and services company that designs, delivers and supports client assets for customers across the public and private sectors. AMEC employs more than 20,000 people working from a network of offices throughout the U.K., U.S. and Canada, as well as regional offices and projects worldwide. AMEC shares are traded on the London Stock Exchange where the company is listed in the Support Services Sector (LSE: AMEC:L). AMEC has approximately 4,500 employees operating from 74 offices across Canada. Engineering News Record Magazine has ranked AMEC as the No. 1 International Design Firm in Canada ( www.amec.com ).

For more information, please visit our web-site at: www.empireindustriesltd.com.

This press release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire's business and affairs. These statements are identifiable by their use of verbs such as "expect", as well as by the use of future or conditional tenses. 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. Empire assumes no obligation to revise or update these forward-looking statements to reflect the occurrence of unanticipated future events, except as may be required under applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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