Empire Industries Ltd.
TSX VENTURE : EIL

Empire Industries Ltd.

April 07, 2015 07:00 ET

Empire Industries Welcomes Canada's Commitment to Construction Funding for the Thirty Meter Telescope

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 7, 2015) - Empire Industries Ltd. (TSX VENTURE:EIL) welcomes Canada's commitment to construction funding of $243.5 million for the Thirty Meter Telescope (TMT) international partnership, announced yesterday evening by Prime Minister Stephen Harper at the H. R. MacMillan Space Centre in Vancouver.

The TMT will be the world's most powerful ground-based telescope, with 81 times more power than the current best telescope. The telescope was conceived and designed by Canadian astronomers and industry in a partnership between Canada, the University of California, the California Institute of Technology, Japan, China and India. TMT will examine the first stars to form in the universe, the black hole at the centre of the Milky Way and the atmospheres and other properties of planets within the habitable zones of other stars.

"Our participation in the Thirty Meter Telescope project will generate new capabilities and technologies in Canada which will help create and maintain high-quality jobs in communities across the country. It is also a real tribute to Canadian know-how that a British Columbia firm was selected to build the telescope's enclosure" stated Prime Minister Stephen Harper.

Today's announcement ensures that two critical telescope elements, the enclosure and the adaptive optics instrument, will be built in Canada. The Coalition for Canadian Astronomy has projected 1,050 person-years plus an equal number of indirect jobs from Canada's in-kind contribution of the telescope enclosure and adaptive optics instrument. All work slated for Canada is in highly-skilled sectors, and previous investments in astronomy projects have a proven track record of delivering long-term economic spin-offs. The majority of the Canadian Government's financial support will be spent in Canada, including a precision steel enclosure by Dynamic Structures, based in Port Coquitlam, British Columbia.

"All Canadians should be immensely proud of the fact that two critical elements of the TMT have been entrusted to Canadian industry for construction. Canadian Industry can compete against anyone in the world when given the opportunity, and we are extremely grateful for the financial commitment from Prime Minister Stephen Harper and Industry Minister James Moore that allows us to build what Canadian industry designed," stated Guy Nelson, President and CEO of Empire Industries and Co-Chair (Industry) of the Coalition for Canadian Astronomy.

Empire Industries, through its wholly owned division, Dynamic Structures, has parlayed its unique expertise gained from building approximately half of the world's largest optical and radio-astronomical enclosures into being a world-leading designer and builder of media-based attractions for the entertainment industry. Dynamic Structures has been actively working on TMT since its inception over ten years ago. Dynamic Structures, working with Canadian astronomers, designed TMT's calotte enclosure. The TMT enclosure will be built in Canada, exported and installed in Hawaii. Dynamic Structures will be heavily involved in the TMT enclosure supply. The actual details of the enclosure contract have not yet been finalized. Empire Industries will be working with the Government of Canada and the TMT International Observatory to finalize the contractual details of the in-kind supply of the enclosure from Canada to the TMT partnership.

About the Coalition for Canadian Astronomy

The Coalition for Canadian Astronomy (Coalition) was formed in 2000 and brings together all Canada's astronomy stakeholders to focus on a plan for international excellence in the field. The Coalition is comprised of Canadian Universities, represented by the Association of Canadian Universities for Research in Astronomy (ACURA), which has 20 member universities; professional astronomers, as represented by the Canadian Astronomical Society (CASCA) and Canadian Industry which brings together Canadian companies involved in major astronomy projects. Information about the Coalition and the Long Range Plan for Astronomy and Astrophysics can be found by visiting www.casca.ca.

About Dynamic Structures

Dynamic Structures has been in operation since 1926 and was acquired by Empire Industries in 2007 and is a wholly owned division. It has become one of the world's premier providers of movable (dynamic) structures. Dynamic Structures develops effective integration strategies to cover all aspects of complex structural, mechanical and electrical system projects right through design, manufacturing and on-site construction. They have an enviable reputation of providing these services to the global amusement ride industry and the global telescope observatory market. Dynamic Structures has designed and manufactured approximately half the world's large telescope enclosures. Dynamic Structures is located in Port Coquitlam, British Columbia. More can be learned about the company by visiting www.empireds.com.

About Empire Industries Ltd.

Empire Industries manufactures specialized engineered products and sells these products domestically and internationally. The company has designed and engineered precision equipment for two highly specialized international markets; media based attractions and very large astronomical telescopes and enclosures. The company also provides steel fabrication & installation services to the industrial, commercial and infrastructure market in Western Canada through wholly owned, Empire Iron Works and two joint ventures in Alberta's oil sands and China. Empire's common shares are listed on the TSX Venture Exchange under the symbol EIL.

More information about Empire Industries can be found by visiting www.empind.com.

Reader Advisory

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