ConFidence Abounds The Board has appointed James Chui to serve as Non-Executive Chairman of Empire, effective immediately. Mr. Chui has been a director of Empire since 2017. He is the Chairman and CEO of Excellence Raise Overseas Limited (“EROL”), which owns 19.9% of Empire’s common shares. EROL has agreed to advance an unsecured loan to Empire as described below. Mr. Chui is also President of Jolly Admire Limited (“Jolly Admire”) which has agreed to sell its 26.5% stake in Dynamic Entertainment Group Ltd. to Empire in exchange for convertible preferred shares of Empire, as previously announced in the Company’s news release dated November 14, 2019. He is also a director of Tornado Global Hydrovacs Ltd. (TSXV: TGH) and was instrumental in arranging the private placement financing that led to the spinout of Tornado from Empire.
“We are thrilled that James is taking on the Non-Executive Chairman role,” said Guy Nelson. “James’ connections in the business and financial markets have been invaluable to Empire, and we look forward to continuing to benefit from his association with Empire.”
Unsecured Related Party Loan
EROL has agreed to advance Empire $2,000,000 unsecured loan (the “EROL Loan”).