WINNIPEG, Manitoba, Aug. 18, 2017 (GLOBE NEWSWIRE) — With reference to its prior news release dated July 20, 2017, Empire Industries Ltd. (TSX-V:EIL) is pleased to announce the closing of the New Executives Private Placement. Hao Wang, Brian Peebles, George Walker and Paul Poirier (together the “New Executives”) purchased an aggregate of 800,000 common shares in the capital of Company (“Common Shares”) at a price of $0.53 per Common Share for gross proceeds of $424,000 pursuant to the private placement (the “New Executive Private Placement”). As a condition of employment of each of the New Executives, the Company issued 1.5 Common Shares (the “Inducement Shares”) to each New Executive for each Common Share that the New Executive purchased pursuant to the New Executive Private Placement. An aggregate of 1,200,000 Inducement Shares were issued at a deemed price of $0.66 to the New Executives.
All the Common Shares and Inducement Shares issued are subject to a four month and one day hold period. The Company intends to use the proceeds of the New Executive Private Placement for general corporate and administrative purposes.
About Empire Industries Ltd.
The company focuses on designing, supplying, and installing premium theme park, media-based attractions and ride systems for the global entertainment industry. The company also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Empire Industries’ common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the company, visit www.empind.com or contact:
Chief Executive Officer
Phone: (416) 366-7977
Vice President – Corporate Affairs and Administration
Phone: (204) 589-9301
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.