Empire Industries Ltd. (TSX-V:EIL) is pleased to announce executive
appointments for its wholly owned subsidiary, Dynamic Attractions
Ltd. and its Dynamic Structures division. These appointments are
part of the company’s strategy to be a leader in delivering themed
attractions globally. All six executives will report to Guy Nelson,
the CEO of Empire Industries Ltd.
Hao Wang – President & Chief Operating Officer,
Dynamic AttractionsOver the past 21 years, Mr. Wang held
increasingly responsible executive leadership positions at
Multimatic Inc., a global, high performance, automobile design,
engineering and manufacturing company headquartered in Ontario. For
the past five years, Mr. Wang was Vice President of Asia Pacific,
where he led the creation of Multimatic’s production operations in
China and presence in South Korea, India and the ASEAN region.
“The themed attractions market is growing at a thrilling speed,”
states Mr. Nelson. “With Hao leading the ride system design and
manufacturing for Dynamic Attractions, we’re better positioned to
successfully execute the complex contracts we have been awarded and
expect to continue to receive in this exciting market. Hao is an
entrepreneurial leader with global experience and we anticipate his
expertise will help our execution team reach a new level of
performance.”
Dr. Ye Zhou –President of Dynamic Structures and Chief
Technical Officer of Dynamic AttractionsDr. Zhou has been
promoted to Chief Technical Officer of Dynamic Attractions where he
will provide his considerable technical expertise to the management
and mitigation of technical risk related to the complex ride
systems that Dynamic Attractions designs and builds. Dr. Zhou has
held the position of President of Dynamic Structures since 2014 and
will continue with this executive role in addition to being Chief
Technical Officer of Dynamic Attractions. Ye Zhou has been with
Dynamic Structures for over 20 years and has gained invaluable
experience in precision engineering design and this unique
knowledge and experience will be an invaluable addition to the
Dynamic Attractions executive leadership team.
Peter White-Robinson – Chief Operating Officer, Dynamic
StructuresMr. White-Robinson joined Empire in 2013 as
Executive Vice President of Media-Based Attractions and recently
took on the COO role of Dynamic Structures to work with Dr. Zhou in
the leadership of this globally competitive, precision fabrication
business unit. Mr. White-Robinson’s management skills are well
honed after undertaking a management buy-out of Fitzroy Engineering
in 1991 and growing it from 100 employees and NZD 14 million to a
profitable group of companies employing 900 and a NZD 120 million
turnover. The Fitzroy group of companies was involved in the
design, fabrication and project management for numerous industrial
projects in New Zealand as well as being the founder of an award
winning, superyacht fabrication Company with 200 employees. He sold
his various businesses between 2011 and 2013 and moved to
Canada.
Paul Poirier – Senior Vice President, Strategic Accounts
and Service, Dynamic AttractionsPaul Poirier is being
promoted from Vice President of Operations, the executive role he
has been employed at for the past 18 months. This position has been
created specifically to focus on generating more strategic sales
with industry leading theme park clients globally. Mr. Poirier was
the team leader on the recent USD $120 million contract award. He
will also be in charge of managing and growing the Parts and
Service division. He has experience in this area from his time as
Vice President of Global Delivery for CAE’s civil simulator
products, responsible for program management, customer support and
post delivery services. His almost 20 years of experience in
manufacturing management greatly add to his depth of knowledge of
manufactured, complex products and working with customers on major
build programs. His experience dovetails with the company’s focus
on supplying ‘concept to operation’ solutions in the themed
attraction market.
Brian Peebles – Senior Vice President, Co-Ventures,
Empire Industries Ltd.Brian Peebles has been promoted to
Senior Vice President, Co-Ventures for Empire. In this role,
he will lead the company’s new initiative to have an ownership
stake in some of the proprietary attractions the company produces.
The co-ventures initiative is designed to put the company’s
proprietary products in prime tourist locations and retain an
ownership interest in the co-venture. Mr. Peebles has over two
decades of operational experience in theater co-venture
partnerships. He was Senior Vice President at Simex-Iwerks
Entertainment, a company he co-founded. He was responsible for the
installation of over 200 theater sales and 14 co-venture theater
partnerships in theme parks and tourist destinations around the
world. Mr. Peebles joined Empire Industries Ltd. in 2015 in the
role of Vice President, Special Projects.
George Walker – Senior Vice President, Creative
Services, Dynamic AttractionsGeorge Walker has been
promoted to Senior Vice President, Creative, where he will lead all
the creative, value added contributions of converting our ride
systems into attractions for clients, with a particular focus on
turning our co-venture ride systems into world class attractions.
Mr. Walker joined Dynamic Attractions in 2015 as the company’s
first Creative Development Director. He led the creation of the
Unlimited Attractions™ business unit and the opening of the Orlando
Attractions Demonstration Centre. He also created the
company’s newest award winning product, the Dynamic Motion
Theater. Prior to joining Dynamic Attractions, he was
Creative Director for Ferrari World in Abu Dhabi, where he oversaw
an eight-attraction expansion that includes Dynamic’s first SFX
Coaster: ‘MISSION: Ferrari,’ opening later this year. Mr. Walker’s
background includes creating innovative projects for Disney,
Universal, Warner Brothers, Six Flags and MGM.
“Empire has changed significantly,” stated Mr. Nelson. “Our
themed attractions business has shown tremendous growth, and we
needed to enhance our leadership team to continue to capitalize on
the market opportunities and to deliver on the key success factors
needed to address this growing market. Moreover, our Dynamic
Structures business unit is also facing tremendous opportunities in
its business globally. With these promotions and additions to our
executive leadership team, we have greatly enhanced our operational
and creative leadership for the global markets we are leaders
in. They also reflect Empire’s commitment to increase our
capacity to manage this growth.”
The executive changes are effective immediately with the
exception of Hao Wang, who will officially join the company
immediately after the transition from Multimatic Inc., all subject
to the approval of the TSX Venture Exchange.
Private Placement, Inducement SharesEmpire is
pleased to announce that the executives who were not already
Insiders of Empire (the “New Executives”) have
agreed to purchase an aggregate of up to 800,000 common shares in
the capital of Company (“Common Shares”) at a
price of $0.53 per Common Share for gross proceeds of up to
$424,000 pursuant to a private placement (the “New
Executive Offering”). As a condition of employment
of each of the New Executives, the Company agreed to issue 1.5
Common Shares (the “Inducement Shares”) to each
New Executive for each Common Share that the New Executive
purchased pursuant to the New Executive Offering. Assuming
the New Executives purchase all of the Common Shares anticipated to
be issued pursuant to the New Executive Offering, an aggregate of
1,200,000 Inducement Shares will be issued at a deemed price of
$0.66 to the New Executives. Closing of the New Executive Offering
and the issuance of the Inducement Shares are subject to customary
conditions, including the approval of the TSX Venture Exchange, and
are anticipated to close on or about August 31, 2017. All the
Common Shares and Inducement Shares issued will be subject to a
four month and one day hold period. The Company intends to
use the proceeds of the New Executive Offering for general
corporate and administrative purposes.
About Empire Industries Ltd. The company
focuses on designing, supplying, and installing premium theme park,
media-based attractions and ride systems for the global
entertainment industry. The company also uses these same turn-key
integration services for special projects such as large optical
telescopes and enclosures. Empire Industries’ 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 NelsonChief
Executive OfficerPhone: (416) 366-7977Email:
gnelson@empind.com |
|
Allan FrancisVice
President – Corporate Affairs and AdministrationPhone: (204)
589-9301Email: afrancis@empind.com |
Reader AdvisoryThis news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The offered
securities mentioned in this news release will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") and may not be offered or sold within the
United States or to, or for the account or benefit of U.S. persons
except in certain transactions exempt from the registration
requirements of the U.S. Securities Act.
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’’. Such forward-looking statements include those
with respect to the Company’s intention to complete the private
placement (the “Private Placement”) and use the proceeds of the
Private Placement as working capital for general corporate and
administrative purposes.
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. Although Empire believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that these expectations will prove to be
correct.
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. Any such forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
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.
Not for distribution to United States newswire services or
dissemination in the United States.
Empire Industries (TSXV:EIL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Empire Industries (TSXV:EIL)
Historical Stock Chart
From Sep 2023 to Sep 2024