Empire Industries announces first two ride contracts under 5 year strategic cooperation agreement with Asian theme park owner...
May 29 2018 - 7:00AM
$73 million in contracts awarded, bringing contract backlog to
over $285 million
Empire Industries Ltd. (TSX-V:EIL) (“Empire” or the “Company”) is
pleased to announce that its wholly owned subsidiary, Dynamic
Attractions Ltd., has signed contracts worth $73 million for two
ride systems under the terms of its previously announced five year
strategic cooperation agreement with a theme park conglomerate in
Asia.
Under the contracts, Dynamic Attractions will be supplying one
of its proprietary ride systems to two different theme parks
currently under construction. The company has completed the design
and manufacturing requirements in two prior contracts. The supply
portion of the contracts will be executed over the course of 24
months.
The strategic cooperation agreement grants Dynamic Attractions
preferred vendor status and is expected to result in a third ride
system award for the same ride system before the end of the fiscal
year.
“We are tremendously honoured with the trust that this client
has placed in us with the marquee attraction in multiple parks,”
states Hao Wang, President and Chief Operating Officer, Dynamic
Attractions Ltd. “It reinforces Dynamic’s strategic product
portfolio and operational positioning to support the expanding
global theme park industry. Delivering on our commitments is a
primary focus, and having the capability to engineer and deliver
iconic ride systems concurrently gives Dynamic Attractions a
significant competitive advantage.”
About Dynamic AttractionsOver 50 of the world’s
most popular theme park rides have been designed and built by
Dynamic Attractions. In addition to its innovative product line of
rides and attraction related services, Dynamic also provides parts
and service support for rides of all kinds. Dynamic has operations
in Vancouver, Orlando, Dallas, Toronto and Shanghai and is a wholly
owned subsidiary of Empire Industries Ltd.
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. For more information about the
Empire Industries and Dynamic Attractions, visit www.empind.com or
contact:
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Guy NelsonExecutive
Chair and CEOPhone: (416)
366-7977Email: gnelson@empind.com |
Allan FrancisVice
President – Corporate Affairs and AdministrationPhone: (204)
589-9301Email: afrancis@empind.com |
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Reader AdvisoryThis 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”, “believes” 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 the expected execution of the
theme park agreements and the shipping dates of the three rides.
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.
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