WINNIPEG, January 3, 2012 - Empire Industries Ltd. (TSX-V: EIL) today announced it has settled the vendor notes payable to 3rd Bros. Industries for $500,000, effective December 30, 2011. These notes were originally issued on August 31, 2006 as part of the consideration for the purchase of George Third & Son Ltd. The principal plus accrued interest payable on these notes as of December 30, 2011 was in excess of $1.5 million. This was a cash transaction, funded by the proceeds of the Company's most recent private placement of convertible debenture units.
The resulting gain of approximately $1.0 million will be recorded in the 2011 year-end financial statements.
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered
products and sells these products domestically and in
select international export markets. 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.
For more information about the Company, visit www.empind.com or contact:
Guy Nelson
Chief Executive Officer
Phone: (416) 366-7977
Email: gnelson@empind.com
Allan Francis
Vice President - Corporate Affairs and Administration
Phone: (204) 589-9301
Email: afrancis@empind.com
Reader Advisory
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.
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