Omni-Lite receives military, automotive orders
Omni-Lite Industries Canada Inc.
May 26, 2006
Omni-Lite Industries Canada Inc. has received an order in the military division. This order, worth approximately $104,000, is a follow-on order to that announced in Stockwatch on May 5, 2006. These products are to be delivered in the second quarter of 2006.
Omni-Lite has been notified, by a Tier 1 automotive customer, that a transmission component produced at Omni-Lite is being introduced into a series of new automotive platforms. This could increase the requirement for this component by up to 75 per cent, producing a significant revenue increase from this product line.
To further support the growth of the company, as envisioned by the Vision 2010 plan, Omni-Lite has purchased several major pieces of equipment to aid in the preparation of the tooling required in the production of the products manufactured in Cerritos, Calif.
"The addition of this equipment will reduce the current costs and lead times required to obtain tooling from third party vendors," stated Michael Walker, vice-president of research and development. "In the near future, this equipment will be supplemented by additional equipment that will enhance our in-house ability to produce most of the tooling developed at Omni-Lite. By eliminating the 12- to 14-week delays experienced with outside vendors will vastly accelerate the company's ability to meet customer delivery expectations."
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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