Omni-Lite Industries Announces New Orders in the Sports and Recreation, Automotive and Aerospace Divisions
Omni-Lite Industries Canada Inc.
September 15, 2010
CERRITOS, CA, Sept. 15 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that it has received several new orders in the Sports and Recreation, Automotive, and Aerospace divisions. The total value of these orders is approximately $682,000 US ($703,000 CDN). Of these new orders, approximately 38 percent are in the Sports and Recreational division, 34 percent are in the Automotive division and 28 percent are in the Aerospace division.
These orders are primarily for the Company's legacy product lines. Future revenue growth will be largely influenced by the large development programs undertaken in the last year. To date, the Company has successfully completed three of the four development projects undertaken in the past 12 months. The rapid transition of these three programs into the production phase has lead to rapid growth in the Company's revenue stream in the first two quarters of 2010. "The largest development program ever undertaken by the Company is still underway. Recent technological breakthroughs suggest that the Company could deliver first article specimens to the customer by September 30, 2010," stated Timothy Wang, CFO. "If this development program is successful, the Company expects to complete contract negotiations by December 31, 2010 and be in full scale production of this new product line by early 2011."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, John Deere, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
For further information: Mr. Tim Wang, CFO, Tel. No. (562) 404-8510, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: firstname.lastname@example.org
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