September 1, 2016
SHANGHAI, CHINA, September 1, 2016 — Dynamic Attractions Ltd., a subsidiary of Empire Industries Ltd. (TSXV:EIL), today announced that it has signed a strategic cooperation agreement on September 1, 2016 with Altair (Shanghai) Space Technology Ltd., Co., (Altair) to design, develop, co-own and operate a theme park called Space Park in Hangzhou, PRC., one of China’s leading tourist locations. The development of the park is projected to cost CAD$ 600 million (3 billion yuan). The agreement was signed on September 1, 2016 at a ceremony in the presence of Prime Minister Justin Trudeau of Canada and the Honourable Chrystia Freeland, Minister of International Trade.
Under the agreement, Dynamic Attractions will bring its world leading experience in the attractions industry, including park master planning, iconic attraction supply, master theming for the park, and operational expertise to commission the attractions and operate them. Altair will bring its considerable experience with Chinese business, including obtaining funding through its own funds, Chinese private equity sources, and Chinese capital markets, as well as coordinating the relationship between Space Park with the local government.
Space Park’s attractions are expected to use a variety of advanced technologies, including virtual reality and augmented reality, to create an immersive, thrill experience for audiences. Dynamic Attractions and Altair are committed to advancing the use of technology in Space Park to differentiate it from other theme parks in China.
The land identified for the park is currently owned by the Hangzhou Zhijiang National Tourist Resort, a government owned organization. Through a separately executed Investment Framework Agreement with Altair (Shanghai) Space Technology Ltd., Co., the Hangzhou Zhijiang National Tourist Resort has agreed to conduct a process to sell the 19.3 hectares of land before the end of 2016, in accordance with the relevant provisions of national laws and regulations. If Altair is successful in obtaining the land through this process, Space Park is anticipated to open in late 2020.
“Dynamic Attractions has over two decades of experience delivering some of the most popular rides for the world’s top theme parks, thus providing the solid foundation for Space Park to succeed,” stated Guy Nelson, Executive Chairman and CEO of Empire Industries, which owns Dynamic Attractions. Mr. Nelson added, “The appetite for world-class attractions by the rapidly growing middle class in China, will be uniquely delivered by Space Park with a distinct themed environment and entertainment attraction offering.”
“Space Park will highlight space technology and exploration,” stated Dr. William Zhou, the Chairman of Altair (Shanghai) Space Technology and Hyde Capital Group. “Altair has a relationship with the China Aerospace Science and Technology Corporation and the China Space Museum. This relationship ensures Space Park will supplement science education and stimulate further space innovation amongst Chinese youth by providing space-based attractions and unique displays such as Chinese spaceships and rockets on a rotational basis from the Chinese Space Museum in Beijing,”