Omni-Lite gets more aerospace and commercial orders
Omni-Lite Industries Canada Inc.
March 8, 2006
Omni-Lite Industries Canada Inc. has received an additional new order in the aerospace division. This order is from the large long-term customer mentioned in a press release on Feb. 24, 2006. This represents the second order, from this customer, within two weeks. These products, used in the composite sections of most state-of-the-art commercial and military aircraft, are to be shipped in April, 2006. Within the military division, Omni-Lite has been notified that the products mentioned in Stockwatch on Feb. 8, 2006, have passed preliminary range testing. The company has received several expressions of interest, from new customers, for this component now being supplied for the U.S. military.
In addition to the growth being experienced in the aerospace, military and automotive divisions, the company has received an order in the commercial division from a long-standing customer in Southern California. These components are being produced on the new equipment commissioned in February, 2006. "With this equipment, the company will be able meet the shipping schedules dictated by our increasing backlog," stated John Sidener, manager of quality control. "Both new machines are busy producing components for the aerospace and automotive divisions, and now the largest system will be manufacturing products for the commercial division."
David F. Grant, chief executive officer, Michael Walker, vice-president of research and development, and Don Kelly, secretary, were granted incentive stock options to purchase 50,000, 30,000 and 25,000 common shares respectively, pursuant to the company's stock option plan approved at the annual general meeting held on June 20, 2003. The options are exercisable for a five-year term at $2.55 per common share and vest over three years from the date of grant.
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.
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