Empire Industries Executes New $13.5 Million Senior Debt Facility with CIBC
WINNIPEG, MANITOBA -- (Marketwired) -- 11/01/13 -- Empire Industries
Ltd. (TSX VENTURE: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
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products
and sells these products domestically and in select international
export markets. The company has developed, designed and engineered
products for the rapidly growing, global, media based attractions
market. The company also provides steel fabrication & installation
services, primarily to the industrial, commercial and infrastructure
market in Western Canada. The company also has two key strategic
equity partnerships; a 49% ownership of ACE Industrial Services that
operates in the oil sands industrial maintenance services market, and
a 45% ownership of a Chinese joint venture company in the steel
fabrication market in Asia. 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.
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 v
ariations 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.
Empire Industries Ltd.
Chief Executive Officer
Empire Industries Ltd.
Vice President - Corporate Affairs and Administration
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