Omni-Lite Industries Announces New Orders in the Electric/Hybrid Vehicle Markets
Omni-Lite Industries Canada Inc.
May 25, 2011
CERRITOS, CA, May 25 - Omni-Lite Industries Canada Inc. is pleased to announce that it has received three new orders from a Tier One EV/Hybrid battery manufacturer. These orders are for the engineering, tooling and product development aspects of programs that will culminate in the submission of first article components for review and evaluation.
"These orders are part of the potential backlog mentioned in a press release of April 27, 2011," stated Michael K. Walker, VP of Research and Development. "The Company's challenge now is to complete an aggressive series of development projects, where time to market may be shrinking as the popularity and necessity of green transportation increases."Omni-Lite is also pleased to announce that it has received several new orders that are concentrated in the Sports and Recreational and Aerospace divisions. The total value of these orders, including the battery component development orders mentioned above, is approximately $658,000 US. Of these new orders, 63 percent are in the Sports and Recreational division, 26 percent are in the Aerospace division, 7 percent are in the Specialty Automotive division and 4 percent are in the Military division.
"As in the first quarter, Omni-Lite is seeing large increases in orders within the Sports and Recreational Division, where orders for some components have increased by approximately 50% over last year. Omni-Lite is also seeing a rapid resurgence in its specialty Aerospace product lines," stated Timothy Wang, CFO. "These orders and the additional visibility now available on shipments for the key military components manufactured by Omni-Lite, enable the Company to move forward in the execution of its business plan for 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, 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: email@example.com
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