Empire Industries Ltd.

Empire Industries Ltd.

July 02, 2015 07:00 ET

Federal Government Announces $70 Million Award to Dynamic Structures for Supply of Thirty Meter Telescope Enclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 2, 2015) - The Honourable James Moore, Minister of Industry for Canada, announced on June 30 that Dynamic Structures, a division of Empire Industries Ltd. (TSX VENTURE:EIL), will receive up to $70 million to build the precision-steel enclosure of the Thirty Meter Telescope (TMT), the world's largest earth-based telescope.

The TMT enclosure is one of several key deliverables that Canada will be contributing to the TMT partnership as outlined in the April 6, 2015 press release when Prime Minister Stephen Harper announced Canada will provide $243.5 million over 10 years to support Canada's participation in TMT.

The enclosure design and manufacturing phase is expected to be executed between 2015 and 2018. Subsequent phases of the Canadian enclosure project, including shipping the enclosure to the project site, supervision of the enclosure's installation, and commissioning of the structure, may be added later as the as the overall project develops.

Dynamic Structures, based in Port Coquitlam, BC, designs, builds and installs complex mechanical systems and specialty structures for world-class telescopes, theme park rides and bridges. Dynamic Structures has designed an innovative calotte shape for the TMT enclosure. The design significantly reduces the size and improves the speed of the enclosure, to effectively shield the telescope and instruments from temperature variations, unbalanced wind forces, snow and ice. The enclosure will rotate and open directly over the telescope. When completed, the enclosure will be over 18 stories high and be assembled from over hundreds of thousands of parts.

"This is a tremendously exciting time for our Dynamic Structures business unit," said Guy Nelson, Chief Executive Officer of Empire Industries Ltd. "It is an honour to be selected to design and manufacture one of the most sophisticated moving structures on the planet. Dynamic Structures has been actively working on TMT since it was first conceived over ten years ago. We are proud to be selected to see it through to completion."

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 is 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. In addition, the company manufactures and sells hydrovac trucks and 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

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

  • Empire Industries
    Guy Nelson
    Executive Chairman & CEO
    (416) 366-7977

    Empire Industries
    Allan Francis
    VP Corporate Affairs & Administration
    (204) 589-9301