Omni-Lite Industries Announces New Orders and Updates Key Programs
CERRITOS, CALIFORNIA, November 13, 2013 – Omni-Lite Industries Canada Inc. is pleased to announce approximately $773,815 US ($811,800 CAD) in new orders that include three divisions of the Company. Of these new orders 52 percent are in the Specialty Automotive division, 43 percent are in the Aerospace division and 5 percent are in the Sports and Recreation division.
To meet the production requirements for the growing orders in the Specialty Automotive and Aerospace divisions, the Company has hired three experienced progressive cold heading operators, all with an aerospace background. In addition, the operating hours of the factory have been increased from 17 hours per day to 18 hours per day, Monday to Friday. On a temporary basis, hours on Saturday have been increased, allowing the factory to open at 0500 hrs and close at 1900 hrs.
To meet the increases in demand in the Automotive and Aerospace markets expected in 2014, the Company has ordered an additional Sodick Electrical Discharge Machining system for delivery in January. This system has some enhanced features improving its performance over the existing Sodick system. This new system will continue to allow the Company to produce the complex tooling required in the progressive cold forging process without having to rely heavily on outside vendors. This unit will ensure that the Company can maintain a quick turnaround for the tooling required, resulting in significant production benefits. The total cost of this system with all the options and specialty handling systems ordered by the Company is approximately $230,000 US.
"Throughout 2013 the Company has been striving to improve productivity and hence raise corporate gross margins back to historical levels," stated David F. Grant, CEO. "Through this process the gross margin has risen from 55% at the end of 2012 to about 58% at the end of Q3 2013."
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: David Grant, CEO, Tel. No. (562) 404-8510 x107, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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