Empire Industries Announces Voting Results from Annual and Special Meeting of Shareholders held on September 18, 2017

TORONTO, September 19, 2017 – Empire Industries Ltd. (TSX-V: EIL) (“Empire” or the “Company”) today reported the voting results from its Annual and Special Meeting of shareholders held on September 18, 2017.

All of the five nominees proposed by management for election to the Board of Directors at the meeting and listed in the Company’s Management Information Circular dated August 23, 2017 were elected.  The Directors will remain in office until the next annual meeting of shareholders, or until their successors are elected or appointed.

The results of the vote on the election of the Board of Directors are as follows:

Votes In Favour Votes Withheld
Ian Macdonald 22,189,019 (99.43%) 126,873 (0.57%)
Guy Nelson 22,130,679 (99.17%) 185,213 (0.83%)
Robert Marshall 22,136,519 (99.20%) 179,373 (0.80%)
Terry Quinn 22,189,019 (99.43%) 126,873 (0.57%)
Jack Chang 22,184,019 (99.41%) 131,873 (0.59%)

Additionally, resolutions approving the following additional matters were passed at the meeting:

  • Fixing the number of directors to be elected at five (5):  passed with over 99% of votes cast in favour.
  • Appointing MNP LLP as auditors of the Company:  passed with over 99% of votes cast in favour.
  • Approval of Company’s Stock Option Plan:  passed with over 99% of votes cast in favour.

“2016 and 2017 to date have been a fruitful time for Empire,” said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire Industries Ltd.  “In that time, we rationalized our steel fabrication business, re-deploying the assets into our Attractions segment.  We announced one of the industry’s largest contracts, with a USD $120 million, multi-ride, multi-park, multi-year contract.  We expanded the breadth and depth of our management team through key executive hires and promotions.  Then we capped it off by announcing our co-venture initiative for North America and China, with a $31 million financing package.  Taken together, these steps will further strengthen Empire’s manufacturing business while simultaneously supporting its move into a recurring revenue attractions co-ownership business model.”

Mr. Nelson gave a presentation about the company after the formal business portion of the meeting was completed.  The presentation and Company video can be viewed on the company’s website at empind.com.

About Empire Industries Ltd.

Empire focuses on designing, supplying, and installing premium theme park, media-based attractions and ride systems for the global entertainment industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Through Empire’s execution of its strategy over the years, Empire owns several non-entertainment investments that it seeks to optimize and liquidate at the appropriate time.  Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.

For more information about the Company, visit 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’’ or similar expressions and includes suggestions of future outcomes, including statements about the approval and acceptance of the Share Consolidation and number of Common Shares outstanding following the Share Consolidation.  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.  These risks include, but are not limited to: obtaining shareholder approval of the Share Consolidation, approval by the Board of the Share Consolidation and receiving acceptance from the TSX Venture Exchange for the Share Consolidation.  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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