WINNIPEG, November 25, 2020 – Empire Industries Ltd. (TSX-V: EIL) (“Empire” or the “Company”) today announced changes to the composition of its board of directors, arising from its Annual General and Special Meeting of Shareholders held yesterday.
“I am pleased to welcome our new director, Guy Dietrich, to the Board,” said Guy Nelson, Executive Chairman and Chief Executive Officer. “Mr. Dietrich’s skills and experience in financing will provide the Board with significant depth as we continue our transition to a recurring revenue co-venture business model.”
Mr. Dietrich is a Senior Advisor to Rockefeller Capital Management, after having served as its Managing Director since June 2018. Prior to that, he has 35 years of experience serving as Managing Director in Wealth Management at UBS and Morgan Stanley. Mr. Dietrich was a Fellow, Advanced Leadership Initiative, Harvard University in 2013, and holds a BA in Government from Dartmouth College. He is based in New York City.
Voting Results
The shareholders re-elected four (4) directors to the board at the meeting: Guy Nelson, Terry Quinn, Bob Marshall and James Chui and elected one (1) additional director, Guy Dietrich, for a total of five (5) directors.
The results of the vote on the election of the Board of Directors are as follows:
| Votes In Favour | Votes Withheld | |||
| Guy Nelson | 75,912,015 | 97.2% | 2,160,214 | 2.8% |
| Robert Marshall | 77,803,020 | 99.7% | 269,209 | 0.3% |
| Terry Quinn | 77,803,020 | 99.7% | 269,209 | 0.3% |
| James Chui | 77,980,834 | 99.9% | 91,395 | 0.1% |
| Guy Dietrich | 77,980,834 | 99.9% | 91,395 | 0.1% |
Additionally, resolutions approving the following additional matters were passed at the meeting:
- Fixing the number of directors to be elected at five (5): passed with over 99.6% of votes cast in favour.
- Appointing Grant Thornton LLP as auditors of the Company: passed with over 99.9% of votes cast in favour.
- Approval of Company’s Stock Option Plan: passed with over 99.9% of votes cast in favour.
- Authorization to change the name of the Company from Empire Industries Ltd. to Dynamic Technologies Group Inc.: passed with over 99.8% of votes cast in favour.
Mr. Nelson gave a presentation about the company after the formal business portion of the meeting was completed. The presentation and Company video can be viewed on the company’s website at empind.com.
Board Committee Appointments
After the meeting, the Board of Directors made the following Committee appointments:
- Audit Committee: Terry Quinn (Chair), Guy Nelson, Guy Dietrich.
- Corporate Governance Committee: Robert Marshall (Chair), Terry Quinn, Guy Dietrich
- Health Safety Community Environment Committee: Terry Quinn (Chair), Robert Marshall
Stock Option Grants
After the meeting, the Board of Directors granted under its stock option plan, incentive stock options to its new director Guy Dietrich, for the purchase up to 500,000 common shares. The incentive stock options have an exercise price of $0.34, and will vest over 3 years. The options will expire November 25, 2025 and are subject to TSX Venture Exchange approval.
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, such as its equity holding in Tornado Global Hydrovacs Ltd. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, 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’’ or similar expressions. 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.