$73 million in contracts awarded, bringing contract backlog to over $285 million
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- 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 Attractions
Over 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:
| 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.
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