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Empire Industries Announces $9 Million Contract for Amusement Park Ride upgrade
WINNIPEG, March 17, 2011 – Empire Industries Ltd. (TSX-V: EIL) today announced that its Dynamic Structures business unit has been awarded a contract valued at approximately $9 million for the upgrade of track subsystems of a ride at a major North American amusement park. The contract, which includes design, engineering, fabrication, and assembly phases, will be executed through 2011 and 2012.
“Dynamic Structures is a world leader in this sort of work.” said David Halliday, President of the Dynamic Structures business unit. “It requires very specialized engineering expertise and high tolerance fabrication. There are very few companies in the world who can meet the strict quality control requirements that this work demands.”
Guy Nelson, Chief Executive Officer of Empire Industries, added “We are gratified to see that our commitment to this market is paying off. With this contract in hand, a healthy backlog, and a very strong bid book in the pipeline, we are optimistic that we are seeing the beginning of rapid growth in this highly specialized, global export market that Dynamic Structures is a leader in.”
About Empire Industries Ltd.
Empire Industries is based primarily in western Canada and operates in two market segments: Specialized Engineered Product Manufacturing and Steel Fabrication/Installation. It also participates in a strategic partnership in the industrial maintenance services sector through its equity stake in ACE Industrial Services, based in Fort McMurray. The Company’s business operations are focused on the infrastructure, commercial and industrial construction marketplace of western Canada and select niche export markets internationally. Empire’s 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 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.