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.