Omni-Lite receives $477,000 in new orders
Omni-Lite Industries Canada Inc.
July 2, 2009
Omni-Lite Industries Canada Inc. has received several new orders in the aerospace, automotive, and sports and recreational divisions of the company. These latest orders are for approximately $477,000 ($413,000 (U.S.)). "Adding significance to these new orders is the initial approval, this week, of a new military product that the company has been developing over the last 18 months," stated Paul A. Burkey, president and chief operating officer. "The company is now preparing to deliver the first large quantity of these components to the customer for testing. If the results of a detailed testing program are successful, final approval for this large program could be obtained in about three months."
Omni-Lite also wishes to announce that an additional first article test is scheduled for early July at the company's headquarters in Cerritos, Calif. This is for another new military program that has been under development for about 24 months. If approval is obtained, the company can begin shipping almost immediately from the large backlog that has built up for this product.
The company would also like to announce that it has hired Andrew S. Bengis as controller, reporting to Timothy C. Wang, chief financial officer. Mr. Bengis has added significant depth to the company's financial team.
The company would also like to report that, in June, three additional cold forging systems were received at the Cerritos facility. This equipment was purchased as part of the company's vision 2015 growth strategy. This brings the number of progressive cold forging systems at Omni-Lite to 31. The last machine purchased under this multimillion-dollar procurement is being modified in Japan to include a special engineering adaptation to significantly increase its performance. The company's revenues for the second quarter of 2009 were approximately $1,332,000 ($1,153,000 (U.S.)).
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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