Omni-Lite Industries Reports Record Revenues
CERRITOS, CALIFORNIA, February 4, 2016 – Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML) (OTCBB:OLNCF) is pleased to note that it has received new contracts in the amount of $753,389 US. Of these orders, approximately 57% are in the Specialty Automotive division, 37% are in the Aerospace division, and 6% are in the Sports and Recreation division.
"The Company has recently received orders for two new components in the Aerospace division," stated Allen Maxin, President. "These components are being developed in conjunction with our large tier one aerospace customers to meet the production scale robotic assembly requirements demanded by the aerospace system integrators. The Company is also currently negotiating two long term contracts with major tier one aerospace customers. It is anticipated that these negotiations can be completed in the first quarter. The Company is continuing to see growth in many of its existing programs as customers prepare for 2016. Of significance, two automotive customers have notified the Company of increases in production for this year."
The Company's revenues in fiscal 2015 were a record of approximately $7,550,000 US. In Canadian dollar terms, based on December 31, 2015 exchange rates, 2015 revenues were a record at approximately $10,466,900.
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, and Nike.
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, please contact:
Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: firstname.lastname@example.org
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