Winnipeg, Manitoba, November 25, 2009 � Empire Industries Ltd. (TSX-V: EIL) (�Empire� or the �Company�), advised that HSBC Bank Canada (�HSBC�) has consented to extend, to January 31, 2010, the previously announced Forbearance Agreement with the Company, subject to finalizing the legal terms of the extension. The Company believes that it will ultimately agree on the terms of such an extension with HSBC.
The Company also advised that the Royal Bank of Canada (�RBC�) has consented to further extend its previously announced agreement not to enforce its rights under its credit agreement with the Company through to January 31, 2010 on the same terms and conditions as the original letter provided by Empire to RBC.
As previously announced, the Company�s wholly-owned subsidiary, Petrofield Industries Inc., sold its combustion business on October 5, 2009 for $10.2 million, a portion of which was used to fully repay the operating line and term debt owed to the Bank of Montreal.
The Company intends to issue its third quarter results on or before November 30, 2009