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Empire Industries announces 5 year strategic cooperation agreement with Asian theme park owner

TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (EIL.V) (“Empire” or the “Company”) is pleased to announce that its wholly owned subsidiary, Dynamic Attractions Ltd., has agreed to the terms of a five year strategic cooperation agreement with a theme park conglomerate in Asia.

The strategic cooperation agreement grants Dynamic Attractions preferred vendor status and is expected to be launched with Dynamic Attractions supplying one of the Company’s proprietary ride systems to three different theme parks currently under construction, with a combined value of USD $93 million.  The first two theme park awards are in the process of being finalized and the third such award is expected before year-end. The delivery schedule will be 24 months from when each specific supply agreement is executed, at which time, the contracts will be added to backlog.

This is further evidence demonstrating the appeal in the market of the Company’s strategy to innovate, manufacture and deliver media-based attraction ride systems for the global leaders in theme park operations.

“Major theme park operators are investing in new attractions at record levels and we continue to prove that our existing ride products are iconic and best in class,” states Hao Wang, President and Chief Operating Officer, Dynamic Attractions Ltd. “Dynamic is focused on continuous optimization and development of its innovative product lines to increase competitiveness, decrease time to market and enhance our leadership position in delivering “high value solutions” to our customers.”

About Dynamic Attractions        
Over 50 of the world’s most popular theme park rides have been designed and built by Dynamic Attractions. In addition to the 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:

Guy Nelson
Executive Chair and CEO
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’’, ‘‘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.