WINNIPEG, November 1, 2013 – Empire Industries Ltd. (TSX-V: EIL) (“Empire” or the “Company”) announced today that it has executed a senior debt facility for a $10 million operating line and a $3.5 million term loan with CIBC. This press release and all of the Company’s public filings can be viewed at www.sedar.com or at www.empind.com.
This new facility replaces the $6 million facility the Group has had in place with Canadian Western Bank.
“We are very pleased to establish a new relationship with CIBC. The $10.0 million operating revolver will improve the liquidity of the Group and thus allow for improved execution of its backlog, while the $3.5 million term loan will enhance the Group’s working capital position and provide the necessary funding for the Group to make certain key capital investments to improve its existing operations and enhance its capabilities moving forward” said Michael Martin, CFO of Empire.