OMNI-LITE INDUSTRIES CANADA INC.
    OML-TSX VENTURE

    CERRITOS, CA, May 31 /CNW/ - For the quarter ending March 31, 2006,
Omni-Lite Industries Canada Inc. is pleased to report record revenue, cash
flow and net income. These results are largely the effect of increased revenue
in the Aerospace division. "By all measures, the first quarter was a
successful period for the Company. We expect the new orders received in the
last six months to begin adding to the Company's growth in the second
quarter," stated Paul A. Burkey, President and COO. "The aerospace industry is
showing considerable strength in Southern California, a fact that may help to
provide growing sales for many years to come."
    Revenue in first quarter was $1,013,680 ($1,183,573 CDN). This increase
in revenue reflects a 10% gain over the same period in 2005. Cash flow over
the same period was $501,212 ($585,215 CDN), up 17%. Net income was $340,819
($397,940 CDN), an increase of 10% for the period. Gross margins for the
period were 71% and net margins were 34%. The following table summarizes these
results.

    <<
                   Q1 2006 FINANCIAL HIGHLIGHTS (in US $)

    -------------------------------------------------------------------------
    Weighted Average
    Shares Issued And     For the period    For the period
    Outstanding:         ending March 31,  ending March 31,     % Increase
    10,406,747                 2006              2005
    -------------------------------------------------------------------------
    Total Revenue           $1,013,680          $923,660           10%
    -------------------------------------------------------------------------
    EBITDA                    $514,601          $437,457           18%
    -------------------------------------------------------------------------
    Cash flow from
     operations(1)            $501,212          $428,924           17%
    -------------------------------------------------------------------------
    Net Income                $340,819          $309,156           10%
    -------------------------------------------------------------------------
    EPS (US)                     $0.03             $0.03             -
    -------------------------------------------------------------------------
    EPS (CDN)                    $0.04             $0.04             -
    -------------------------------------------------------------------------
               All figures are in US dollars except as noted.
              (note: at 3/31/06, $1US = $1.1676 CDN;
                   3/31/05, $1US = $1.2173 CDN)

    (1) Cash flow from operations is a non-GAAP term requested by the oil and
        gas investment community that represents net earnings adjusted for
        non-cash items including depreciation, depletion and amortization,
        future income taxes, asset write-downs and gains (losses) on sale of
        assets, if any.
    >>

    Earnings per share in Q1 2006 were $0.03 ($0.04 CDN) compared with $0.03
($0.04 CDN) in Q1 2005, based on the weighted average number of shares
outstanding of 10,406,747 in Q1 2006, versus 9,205,970 shares outstanding in
2005. This represents an increase of 13% in the weighted average number of
shares outstanding from Q1 2005 to the Q1 2006 fiscal period. In Q1 2006,
Omni-Lite repurchased 84,000 common shares through the Normal Course Issuer
Bid. In Q1 2006, a total of $176,690 was paid out as a semi-annual dividend to
the shareholders. This represented a dividend of $0.02 CDN per share for
shareholders on the published record date.
    The Company has continued to add to its revenue stream. In Q1, the
Aerospace division accounted for 44% of revenue. The Automotive division
represented 22% of sales. The Sports and Recreation division reported 17% of
revenue and the Military division reported 10%. Commercial activities
accounted for 7% of revenue.

    Quarterly Information

    The following table summarizes the Company's financial performance over
the last eight quarters.

    ALL FIGURES IN US DOLLARS UNLESS NOTED

    <<
    -------------------------------------------------------------------------
                                Mar 31/     Dec 31/     Sept 30/    June 30/
                                  2006        2005        2005        2005
    -------------------------------------------------------------------------
    Revenue                    1,013,680   1,092,705   1,332,953   1,010,728
    -------------------------------------------------------------------------
    Cash Flow from
     Operations(1)               501,212     424,607     634,018     474,129
    -------------------------------------------------------------------------
    Net Income                   340,819     103,027     464,421     372,812
    -------------------------------------------------------------------------
    EPS(US)                          .03         .01         .05         .04
    -------------------------------------------------------------------------
    EPS(CDN)                         .04         .01         .05         .04
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                Mar 31/     Dec 31/     Sept 30/    June 30/
                                  2005        2004        2004        2004
    -------------------------------------------------------------------------
    Revenue                      923,660     709,803     906,909     855,134
    -------------------------------------------------------------------------
    Cash Flow from
     Operations(1)               428,924     319,717     304,637     234,235
    -------------------------------------------------------------------------
    Net Income                   309,156      38,994     241,974     221,546
    -------------------------------------------------------------------------
    EPS(US)                          .03         .00         .03         .03
    -------------------------------------------------------------------------
    EPS(CDN)                         .04         .00         .04         .03
    -------------------------------------------------------------------------
    >>

    Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by 100 companies including Boeing,
Airbus, Alcoa, Daimler-Chrysler, the U.S. Military, Nike, adidas and Reebok.

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.