October 27, 1998 - Management is pleased to announce that revenues in the third quarter ended September 30, 1998 exceeded C$1,015,000. This represents a 175% increase from the three month period ended September 30, 1997. Total revenue for the first three quarters of 1998, will exceed C$2,182,000; an increase of 225% from the nine month period of January to September, 1997. Net income for the six month period ending June 30, 1998 exceeded C$600,000 or $.06/share. Assets under management exceed C$4,327,000. These results are driven by continuing demand for the company's automotive, military and recreational product lines.

Omni-Lite is pleased to announce that it has received several new contracts in the automotive area. One component is being utilized in the airbag system of a large European automotive manufacturer. In addition, Omni-Lite has received a contract to begin deliveries of a new component to be used in the transmission of Chrysler's passenger cars. This order requires that the first shipments begin in November of 1998. Omni-Lite has begun deliveries of a series of four new components to Nike, Inc. of Beaverton, Oregon with shipments continuing until 2002. To meet these demands, Omni-Lite has purchased five additional machines to be delivered in February and March of 1999. With a total of 10 computer controlled production machines, Omni-Lite will be at the forefront of the precision cold forging industry.

Glenn McCowan, CA, previously of Bleackley, Hanson, McCowan and Howden has resigned as auditor and accepted the post as Omni-Lite's Treasurer and CFO. As a result, Omni-Lite has appointed BDO Dunwoody of Calgary as auditors. This will allow Omni-Lite a more international presence in its audit presentation and facilitate the current process of a listing application with the U.S. Securities and Exchange Commission.

Omni-Lite Industries Canada Inc. announces that it has filed with the Alberta Stock Exchange its Notice of Intention to make a Normal Course Issuer Bid to purchase on the open market through the facilities of the Alberta Stock Exchange, up to 360,000 common shares. This represents approximately 3.3% of the 10,748,199 issued and outstanding shares. Purchases pursuant to the bid will be conducted by Glenn Rui at Yorkton Securities Inc. Subject to Alberta Stock Exchange approval purchases may begin on November 6th, 1998. The bid expires on November 5th, 1999.

Omni-Lite is a rapidly growing Alberta company that develops and manufactures precision components for 400 customers including Chrysler, the U.S. Military, Nike, adidas and Reebok. Omni-Lite's patented consumer products are available in 140 countries worldwide. The Company specializes in high technology using advanced composite materials and computer controlled fabrication techniques. Except for historical information contained herein, this document contains forward looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.


For further information, please contact:
IN U.S.A.
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: info@omni-lite.com
Website: www.omni-lite.com


THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.