Winnipeg, Manitoba, November 12, 2008 � Empire Industries Ltd. (TSX-V: EIL) (�Empire� or the �Company�), a provider of steel fabrication and installation services and specialized engineered products, today announced that David Carefoot, CA, CBV has been appointed Chief Financial Officer. Mr. Carefoot will join the Company on November 17, 2008.
“I am delighted to have a person of David’s background and stature join our Company,� said Guy Nelson, Chief Executive Officer of Empire. �The rapid expansion of Empire Industries over the past two years and our strong outlook in the years ahead, necessitated that the Company hire a full-time CFO with the level of experience that David brings to the position.”
Mr. Carefoot is a Chartered Accountant and Chartered Business Valuator with more than 24 years of accounting and finance experience, including public company financial reporting and disclosure. Earlier in 2008, he was appointed to the board of directors of the Canadian Wheat Board, providing oversight and direction to management. Prior to that, over the course of twelve years, he held progressively senior financial roles with Viterra Inc. (TSX: VT; formerly known as Saskatchewan Wheat Pool Inc. and Agricore United), including the last two years as Chief Financial Officer, directing refinancing, restructuring and risk management initiatives. Before his time with Viterra, he had a twelve year tenure with Price Waterhouse Coopers where he was responsible for managing client relationships in a number of practice areas including; business valuations, mergers, acquisitions and divestitures and corporate restructurings.
Mr. Nelson added: �This appointment strengthens the breadth and depth of our senior management team, enabling Campbell McIntyre, who has been doing double duty as CFO of Empire since we went public in 2006, to focus on his primary role as President of our wholly-owned subsidiary, Empire Iron Works.�
The Board of Directors has awarded Mr. Carefoot 200,000 options with a 7 year term, exercisable at $0.30 per share, vesting over 4 years, subject to regulatory approval.