CALGARY, ALBERTA--(Marketwired - July 7, 2016) - Empire Industries Ltd. ("Empire") (TSX VENTURE:EIL) and Tornado Global Hydrovacs Ltd. ("Tornado") are pleased to announce that the Class "A" Common Shares (the "Tornado Shares") of Tornado have been accepted for listing on the TSX Venture Exchange ("TSXV") and will commence trading under the symbol "TGH" at the opening of trading on July 8, 2016.
Pursuant to a Plan of Arrangement (the "Arrangement"), effective June 27, 2016 Empire spun out its Hydrovac business including all of the tangible and intangible assets, employees and operations of Tornado Trucks, a division of Empire (the "Hydrovac Business"), to Tornado. In connection with the Arrangement, common shares of Empire were exchanged for one quarter (1/4) of a new Empire common share and one eighth (1/8) of a new Tornado Share for every common share of Empire owned on June 27, 2016. Empire delivered a letter of transmittal to all of its registered shareholders to facilitate the exchange of the common shares of Empire for new Empire common shares and the Tornado Shares. Following completion of the Arrangement, the new Empire common shares commenced trading on the TSXV under the symbol "EIL" on June 30, 2016. As a result of the Arrangement, Tornado is a reporting issuer in the Provinces of British Columbia, Alberta and Ontario.
Upon commencement of trading of the Tornado Shares, the Tornado subscription receipts will be exchanged for Tornado Shares which exchange will satisfy the last of the outstanding escrow release conditions of the previously announced private placement of subscription receipts (the "Private Placement") completed by Tornado. Upon satisfaction of the escrow release conditions, Tornado will receive aggregate proceeds of approximately US $3,521,127 and RMB 11,946,110 from the Private Placement. Tornado will provide a further update once the exchange of the Tornado subscription receipts for Tornado Shares and the release of the aggregate subscription fund have been completed.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells these products domestically and in select international export markets. The company develops; designs and engineers products for the rapidly growing, global, media based attractions market and also uses these globally competitive competencies in the optical telescope market. The company also provides steel fabrication & installation services, primarily to the industrial, commercial and infrastructure market in Western Canada. The company 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.
About Tornado Global Hydrovacs Ltd.
The company designs, manufactures and sells Hydrovac trucks for excavation service providers to the oil and gas industry and the municipal markets. Hydrovac trucks use high pressure water to pulverize soil and turn it into mud, and then vacuum up the resulting mud into its tank. Tornado currently operates in North America and intends to expand its Hydrovac Business into China.
For more information about Empire, visit www.empind.com
For more information about Tornado, visit www.tghl.ca
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the Exchange nor its Regulation Service Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words "may", "expected", "believes", "anticipates" and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Tornado and Empire believe these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the commencement of trading of the Tornado Shares, the satisfaction of the escrow release conditions, the release of the proceeds of the Private Placement and the execution of the business plan of Tornado. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Tornado. The forward-looking statements contained in this news release represent Tornado's expectations as of the date hereof, and are subject to change after such date. Tornado disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations