Empire Industries Announces $30 Million Global Attractions Contract
WINNIPEG, MANITOBA--(Marketwire - March 1, 2012) - Empire Industries Ltd. (TSX VENTURE:EIL) today announced that its Dynamic Structures business unit has been awarded a contract from a global customer to design, engineer and manufacture the mechanical and structural systems of a media based attraction. The contract, valued in excess of $30 million, will be executed over a period of approximately 2 years.
"This contract award continues our successful drive to penetrate the global attractions industry with our designed and engineered products," said Guy Nelson, Chief Executive Officer of Empire Industries. "It represents another milestone in our strategy to focus more resources on the global attractions business. It is gratifying to see our investment in this market bear fruit."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells these products domestically and in select international export markets. The company has developed, designed and engineered products for the global attractions market that provide an enhanced consumer experience. The company also provides steel fabrication & installation services, primarily to the industrial, commercial and infrastructure market in Western Canada. The company also 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.
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.