Authorization

Empire Closes Disposition of Non-Core Assets

TORONTO, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSX-V: EIL, OTC:ERILF) (a??Empirea??, a??EILa??, a??usa??, a??oura??, a??wea?? or the a??Companya??) is pleased to announce that further to its February 24, 2021 news release it has sold an aggregate of 12,538,595 common shares (the a??Sharesa??) in the capital of Tornado Global Hydrovacs Ltd. (TSXV:TGH) at an average price of $0.168 per Share for aggregate gross proceeds of CAD $2,107,942.50 (the a??Transactiona??).
The Company paid a cash findera??s fee to an arma??s length finder in the amount of CAD $107,942.50 on a portion of the Shares sold pursuant to the Transaction.The Company intends to use the net proceeds of the Transaction for general working capital purposes.About Empire Industries Ltd.
Empire focuses on designing, supplying, and installing iconic, media-based attractions and ride systems for the global theme park industry. It also uses these same engineering integration skills for special projects in diversified industries 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. It was selected as a 2020 TSX Venture 50 company. The 2020 TSX Venture 50 is a ranking of top performers on the TSX Venture Exchange over the past year. The ranking is comprised of 10 companies from each of 5 industry sectors, with Empire being selected in the Diversified Industry category. Selection was based on three equally weighted criteria; share price, trading and market capitalization. Empirea??s common shares are listed on the TSX Venture Exchange under the symbol EIL.For more information about the Company, visit empind.com or contact:
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