Omni-Lite Industries Reports New Contracts
CERRITOS, CALIFORNIA, February 19, 2016 – Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML) (OTCQX:OLNCF) is pleased to note that it has received new contracts in the amount of $987,417 US. Of these orders, approximately 75% are in the Aerospace division, 24% are in the Specialty Automotive division, and 1% are in the Sports and Recreational division. This brings the total number of new orders announced in the last two weeks to $1,740,806 US. Of these 59% are in the Aerospace division, 38% are in the Specialty Automotive division and 3% are in the Sports and Recreational division. At the US to CAD currency exchange rate of February 18, 2016, these orders would be worth approximately $2,402,000 CAD. Some of these aerospace orders follow the initiation of the multi-year aerospace contract announced February 12, 2016.
"The Company has received over $1,000,000 US in new orders in the Aerospace division in the last two weeks," stated Allen Maxin, President. "To continue growth in this expanding industry, Omni-Lite is currently negotiating another long term contract with a major tier one aerospace customer. It is anticipated that these negotiations will be completed in the first quarter. Also of significance, a major automotive customer has requested production quantities of a part recently developed for a complex brake system. This component compliments a product currently in production.".
The Company is also pleased to note that it has received the first purchase order for the multi-year automotive project first announced in May 2015. As noted in the Letter of Agreement ("LOA") initiating this project, if successful, the program is intended to continue approximately 20 years. As part of the LOA, Omni-Lite has successfully delivered the first article prototypes to the customer. The next step in this program is the delivery of preproduction quantities for full scale trials. The Company expects to ship these components in the next 2 weeks.
"Omni-Lite is well positioned as a growth company in several growth industries," stated David Grant, Founder, CEO and Chairman of the Board. "Our investment in engineering, plant and equipment, material science and human capital is unmatched in the industry at a time when growth is demanding excellence in quality and on time delivery."
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, 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: email@example.com
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