WINNIPEG, September 18, 2017 – As required by applicable securities laws, Empire Industries Ltd. (“Empire”) announces that in connection with the previously announced shares for debt transaction detailed in the news release of Tornado Global Hydrovacs Ltd. (the “Corporation”) dated August 1, 2017, Empire acquired 30,185,544 common shares of the Corporation (“Common Shares”) at a deemed price of $0.09 per Common Share pursuant to the partial settlement of debt owed by the Corporation to Empire in the amount of $2,716,698.96 (the “Shares for Debt Transaction”).
Following the Shares for Debt Transaction, Empire beneficially owns an aggregate of 30,185,544 Common Shares, representing 25.04% of the Corporation’s outstanding Common Shares.
Empire acquired the Common Shares in payment of debt owed to it by the Issuer. In accordance with applicable securities laws, Empire may, from time to time and at any time, directly or otherwise, acquire additional Common Shares and reserves the right to dispose of any or all of the Common Shares in accordance with applicable securities laws depending on market conditions, the business and prospects of the Issuer and other relevant factors.
All Common Shares acquired and/or held by Empire were acquired for investment purposes.
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 Empire, 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’’. 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. 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