2nd Quarter Results - Earnings up 84%|
Omni-Lite Industries Canada Inc
July 26, 2000
CERRITOS, CALIFORNIA. July 26, 2000- Omni-Lite is pleased to announce record revenue and net income for the first six months of fiscal 2000. Over this period, revenue increased to $US 817,930, an increase of 36% over the same period in 1999 and 7% over 1998 results. During the period, cash flow increased by 64% to $US 382,269, and net income increased to $US 298,451, an increase of over 84%. "These results are indicative of how Omni-Lite would like to grow as a company" stated Mr. David F. Grant President and CEO. " We expect to continue growing at these rates over the remainder of the year."
All figures are in US dollars except as noted.
The aggressive sales efforts initiated by Omni-Lite in May 2000 are now beginning to show results. Omni-Lite anticipates a new research project with one of Canada's largest companies to begin in August. Additional sales of the coupling developed for NATO are also expected for the fall of 2000.
To complement the growth in Omni-Lite's core business activities the company is aggressively pursuing several strategic opportunities. In June the company purchased an additional 500,000 shares in Tactex Controls Inc, a Canadian company focused on the development of fibre optic based, multi-point pressure sensing systems for the Computer and Communications Industries. Taxtex Controls Inc., was amalgamated with Multi-Tek Technologies Inc. (MKN-CDNX) on July 18, 2000. Subject to final regulatory approval, Tactex will become a fully listed company on the Canadian Venture Exchange.
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