Empire Industries Announces Increased Banking Facility
June 02 2014 - 4:00PM
Marketwired
Empire Industries Announces Increased Banking Facility
WINNIPEG, MANITOBA--(Marketwired - Jun 2, 2014) - Empire
Industries Ltd. (TSX-VENTURE:EIL) today announced that it has
obtained a $5 million increase to its operating line with CIBC,
bringing its operating line to $15 million and its total banking
facility with CIBC to $18.5 million.
"This increase in our operating line gives us additional
liquidity to effectively manage our increased contract backlog,"
said Michael Martin, Chief Financial Officer of Empire.
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.
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". 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.Guy NelsonChief Executive Officer(416)
366-7977gnelson@empind.comEmpire Industries Ltd.Allan FrancisVice
President - Corporate Affairs and Administration(204)
589-9301afrancis@empind.comwww.empind.com
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