Ryjencap Inc.
TSX VENTURE : RYJ.P

March 29, 2006 17:30 ET

Ryjencap Inc. Announces Qualifying Transaction

SURREY, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

In follow-up to their news release of March 22, 2006, Ryjencap Inc., a capital pool corporation ("Ryjencap" or the "Corporation") (TSX VENTURE:RYJ.P), hereby announces that it has been granted an exemption from the sponsorship requirements of the TSX Venture Exchange for its qualifying transaction where it will acquire all the issued and outstanding shares of Empire Iron Works Ltd. (the "Transaction").

Trading in the common shares of the Corporation was halted on March 22, 2006, pending approval of the sponsorship exemption. With the approval of the sponsorship exemption, trading will resume on Friday, March 31, 2006. Granting of the sponsorship exemption should not be construed as any assurance with respect to the merits of the Transaction.

The parties to this proposed Transaction are at arm's length to one another. Completion of the Transaction is subject to a number of conditions, including but not limited to, completion of financing, and majority of the minority shareholders approval. The Transaction cannot close until the required shareholder approval is obtained. There can be no assurances that the Transaction will be completed as proposed or at all. Shareholders will also be asked to consider and approve a change of auditors, a change of the name of the Corporation to "Empire Industries Ltd.", and other corporate matters. Ryjencap management anticipate being able to mail an information circular in relation to the various matters requiring shareholder approval before the end of April for a meeting expected to be held before the end of May.

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool Corporation should be considered highly speculative.

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

Contact Information

  • Ryjencap Inc.
    Mr. Terry Rogers
    (604) 531-8113