Third quarter results|
Omni-Lite Industries Canada Inc
Tuesday Oct 27 1998
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:
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.