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Empire Closes Debt Refinancing Transaction

WINNIPEG, Manitoba, April 29, 2019 (GLOBE NEWSWIRE) -- With reference to its prior News Releases dated March 27, 2019 and April 16, 2019, Empire Industries Ltd. (EIL.V) (“Empire”, “EIL” or the “Company”) is pleased to announce that it closed the previously announced Debt Financing.  The new senior lenders, who are wholly-owned subsidiaries of a U.S. based Fortune 500 company, advanced approximately USD $28.7 million to the Company at closing.  After paying out the Company’s previous senior lender, this represents an increase of approximately CAD $19.5 million of available credit for the Company.

“The fresh working capital provided by this new financing is expected to help us execute our record backlog of ride systems contracts,” said Guy Nelson, Executive Chairman and Chief Executive Officer of Empire.  “In conjunction with our previously announced $8.5 million convertible preferred share offering, this additional financing positions the Company for a successful 2019 and beyond.”

About Empire Industries Ltd.

Empire focuses on designing, supplying, and installing iconic media-based attractions and ride systems for the global theme park industry. Empire also uses these same turn-key integration services for special projects such as large optical telescopes and enclosures. Empire also has commenced an initiative to leverage its world class flying theater and attraction development capability on a co-venture ownership basis. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL. Empire’s common shares are listed on the TSX Venture Exchange under the symbol EIL.

For more information about the Company, visit www.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’’, “evaluating” ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, “positions”, ‘‘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 statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Empire believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to expected execution of the backlog of contracts and the position of the Company to be successful in the in 2019 and beyond.  Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Empire. The forward-looking statements contained in this news release represent Empire’s expectations as of the date hereof, and are subject to change after such date.  Empire disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.

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.