Omni-Lite Reports New Orders and Strong Revenues for First Eight Months and Enters into Strategic Review Agreement
CERRITOS, CALIFORNIA, September 3, 2015 –Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML) (OTCBB:OLNCF) is pleased to note that it has received new contracts that exceed $790,900 US. Of these orders, approximately 52% are in the Aerospace division, 40% are in the Specialty Automotive division and 8% are in the Sports and Recreational division. "As forecast, the Company continues to see growth in the aerospace industry," stated Allen Maxin, President. "The Company is continuing to develop new customers and new products in this exciting and dynamic space."
The Company's revenues in the first eight months of fiscal 2015 were approximately $4,896,100 US. This represents an increase of 21% over revenues in the first eight months of 2014. Over the same period, the Company's production output increased by approximately 34%. Of particular significance, military sales grew to 28% of total sales in the eight month period.
The Company is pleased to announce that it has retained Cypress Associates LLC ("Cypress") to advise the Company on its review of potential strategic and financial opportunities. Cypress is a nationally-recognized boutique investment banking firm, providing mergers and acquisition expertise, restructuring advisory services, and private placements of debt and equity securities. Cypress has offices strategically situated in New York City, San Francisco and Austin. Chuck Samkoff is a Managing Director of Cypress and also a director of Omni-Lite, and as such will recuse himself from board decisions regarding this review.
The Company is also pleased to note that Mr. Joseph Lee has joined the Company as a consultant. Mr. Lee was recently the Director of Engineering of a large aerospace company and brings over 53 years of experience to Omni-Lite. "Joe has been instrumental in helping Omni-Lite develop its engineering expertise in the aerospace industry for over 15 years", stated Michael Walker, VP of R&D. "We, at Omni-Lite, look forward to continuing this long and successful relationship."
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, 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.
For further information, please contact:
Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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.
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