WINNIPEG, MANITOBA--(Marketwire - Aug. 16, 2012) - Empire Industries Ltd. (TSX VENTURE:EIL) today announced that its Dynamic Attractions business unit has finalized a contract to design, fabricate, and export two of its proprietary flying theatre attractions for a Chinese theme park. The work associated with this contract, is valued in excess of $10 million and will be executed over the next year.
Guy Nelson, CEO of Empire Industries, emphasized that this new contract represents a key milestone for Empire's new Dynamic Attractions unit, launched in November during the International Association of Amusement Parks and Attractions' annual trade show and conference. The company announced the formation of Dynamic Attractions to focus on providing turnkey attractions for the entertainment industry.
"We believe that the Asian market, especially China, will be enormous for media based attractions in the coming years," said Guy Nelson, Chief Executive Officer of Empire Industries. "The growth of the Chinese middle class is resulting in increases in demand for entertainment options. Our Dynamic Attractions business unit has aggressively established itself as a leader in the most important emerging market in the attractions industry with some of the most innovative media based attractions available."
This state-of-the art, media-based attraction delivers a unique sense of "flying" as it seamlessly integrates dynamic motion with digital projected media. The dynamic motion platform rotates guests from a horizontal to a vertical position in a totally immersive theater environment, giving spectators a bird's eye view and a feeling of flight and exhilaration.
Dynamic Structures, a sister business unit, has already delivered over 50 successful projects for major theme parks worldwide, and will continue to manufacture the ride platforms for Dynamic Attractions.
About Dynamic Attractions
Dynamic Attractions business is focused on designing, producing and selling proprietary attractions, primarily turn-key solutions for flying theaters, dark ride roller coasters, automatic guided vehicle (AGV) based immersive ride experiences, robotic dark rides and other unique attractions.
For more information about the company, visit www.dynamicattractions.com.
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 global attractions market that provide an enhanced consumer experience. 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.
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.