Omni-Lite receives parts deals; U.S. patent
Omni-Lite Industries Canada Inc.
December 16, 2005
Omni-Lite Industries Canada Inc. has received new contracts in the automotive and commercial divisions. Under the automotive contract, the company is committed to deliver a minimum of $150,000 (U.S.) worth of new components in the first quarter of 2006. These components are for the high-growth industrial diesel marketplace, which typically has product cycles of several years.
The commercial contract represents the first production contract for a new component used in a new-generation electrical metering and distribution system being marketed for residential and industrial use in North America and Mexico. It is valued at $50,000 (U.S.) over fiscal 2006.
"The research and development that the company completed in 2004 and 2005 is now paying dividends in these first production contracts," stated Allen W. Maxin, vice-president of operations support. "The company's backlog for 2006 is rapidly growing and should result in meaningful revenue growth moving forward."
In addition, Omni-Lite would like has received a notice of allowance, from the U.S. patent office, for a patent that protects a process that the company developed to produce a component in the military division. This newly patented process has enabled the company to increase the sophistication of its products. The process could have application for other components in the future.
The company has a patent pending for another sophisticated process that is essential to the high-value-added products that the company has pioneered. The company currently holds six patents covering material use, manufacturing processes and product designs. To add to this intellectual property, the company is in the process of finalizing an additional patent application for submission in the near future. Protecting the intellectual property developed at the company is critical to the future growth of the corporation.
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.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.
|| Main Page | Investor Info | Profile / Divisions | Online Store | Contact Us | | Follow @OmniLiteInd ||