Growth Rate Exceeds 325%
Omni-Lite Industries Canada Inc
Thursday Jan 22 1998
January 21, 1998 - Omni-Lite Industries Canada Inc. reports that total revenue for the eight months from June 1997 to January 1998 will be in excess of C$1,235,000; an increase of 325% over the previous period. This increase partially reflects the initiation of contracts to provide products to the U.S. Military and a major European automobile manufacturer. January 1998 will be a record month with revenues exceeding C$235,000 and pretax cash flow in excess of C$175,000.
In a report from the U.S. Military accepting the coupling designed by Omni-Lite and Valentec International Inc. (a division of Safety Components International trading as "ABAG" on NASDAQ) the military stated that the component performed better than anything tested to date. This success may lead to NATO and other Western Alliance customers for this product. Valentec have awarded Omni-Lite a contract to complete the design, prototype tooling and startup engineering for a third generation airbag component being delivered to a European automobile manufacturer. Under this agreement, delivery of the first 500,000 components will begin in February 1998.
The success of the transmission product fabricated for Chrysler has lead to the initiation of a new program for Model Year 1999. It is management's opinion that this project will begin as early as February 1998.
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.
For further information, please contact:
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: email@example.com
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.