|Mr. David Grant reports
The company has been awarded three military contracts for products
used by the U.S. government. Two of these involve the manufacture of patented
products for the M-16 and .38 calibre arsenal. The third contract calls
for the production of a second-generation coupling for use with the Mark
19 mortar, a system that is used by both the U.S. and NATO armed forces.
The contract for Omni-Lite's NATO product, the largest of the
three, is worth over $480,000 (U.S.). The procurement for 1999 was awarded
entirely to Omni-Lite, and includes an option to increase the contract
by 100 per cent by the end of 1999. The U.S. government purchase plan for
1999 dictates that only Omni-Lite's new coupling can be used for the Mark
19. While initial prototypes have been tested successfully, Omni-Lite must
complete details of the manufacturing process and pass a standard series
of U.S. government production tests before production can begin. It is
anticipated that these steps will be completed in August, and that production
will begin soon after.
The other contracts require the production of patented products
for the U.S. M-16 and .38 calibre arsenal. Deliveries have already begun
for the M-16 system. The value of these contracts is over $40,000 (U.S.).
"These three new contracts are significant for Omni-Lite," said
David Grant, president and chief executive officer. "Not only will they
build our revenues, but they also increase the profile of our military
division, as well as confirming the effectiveness of Omni-Lite's strategic
direction. All of these contracts can be considered stepping stones to
larger opportunities in these areas."
For further information, please contact:
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: firstname.lastname@example.org
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.