Empire Industries Announces Name Change to Dynamic Technologies Group Inc.
TORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Empire Industries Ltd. (TSXV: EIL, OTC:ERILF) ( the “Company”) is pleased to announce that, effective Monday, March 1,
2021, its name will change to Dynamic Technologies Group Inc. and its stock trading symbol will change to TSXV:DTG (the “Name Change”). For our American investors, our OTC ticker
symbol remains unchanged. The Company’s new CUSIP is 26801T102 and its new ISIN is CA26801T1021. The Company’s new website, www.dynamictechgroup.com, will also launch on March 1, 2021.
Guy Nelson, Executive Chairman and CEO said, “The Name Change is reflective of many things, not the least of which is the strategic pivot the Company has been making towards creating and leveraging its proprietary technology. One of the Company’s core values is its commitment to innovation which has become a pre-requisite for success in the future. Over the past five years, the Company has invested over 500 person years of engineering to develop its amusement ride technology, knowhow and intellectual property. This technology will be applicable in the global amusement park industry and has application in the location-based entertainment business sector, especially post-Covid as demand increases for world class entertainment experiences. The Name Change is part of a natural evolution for the Company.”
Because the Company did not complete a share consolidation in connection with the Name Change, shareholders are not required to exchange existing share certificates for new share certificates bearing the Company’s new name. The Name Change does not affect the rights of the Company’s shareholders and no further action is required by existing shareholders.
The Name Change symbolizes many important strategic considerations and the timing coincides with the advancement and completion of many tactical initiatives.
- The flying theatre co-venture in the Smoky Mountains of Tennessee is scheduled to open in the summer of 2021. The Company has an option to purchase a 50% interest in this co-venture;
- Leveraging the Company’s proprietary IP and creative knowhow by pursuing co-ventures globally, a market niche that the Company believes will grow dramatically in a post-pandemic world;
- Created and funded a long-term commitment to R&D, focusing our world class, multi-disciplinary engineering skills on diversified markets;
- Successfully completed the handover of our first special effects coaster in Abu Dhabi;
- Finalizing the successful completion and handover of amazing ride systems in Osaka, Beijing, Kuala Lumpur, Los Angeles, and Doha, all waiting for the pandemic to
subside to open them to the public;