Omni-Lite expects safe landing in Q1 with new contracts|
Omni-Lite Industries Canada Inc.
March 1, 2002
Mr. Tim Wang reports
AEROSPACE LEADS OMNI-LITE GROWTH
Omni-Lite has received two new contracts from Monogram Aerospace Fasteners and is in discussions with the company toward developing two more components. If these discussions are successful, this would increase the total number of contracts with Monogram to seven. The total annual value of these contracts is approximately $585,000 (U.S.) or $936,000 (Canadian). In addition, Fairchild Fastener Inc. has awarded Omni-Lite five new contracts for the delivery of aerospace components.
With these additional contracts, total revenue in the first quarter of 2002 is expected to be approximately $650,000 (U.S.) or $1.04-million (Canadian). This represents an increase of approximately 30 per cent over total revenues in the first quarter of 2001. "These additional aerospace contracts place Omni-Lite in a positive position with regard to the pending recovery of the commercial and military aircraft industries," stated Paul Burkey, chief operating officer. To further support the stringent requirements of the aerospace industry, John Sidener has joined Omni-Lite as manager of the quality assurance department. With 20 years of experience in quality systems while at Xerox, Mr. Sidener fills an essential role in Omni-Lite's progression toward International Organization for Standardization (ISO) compliance.
In additional to remuneration mentioned previously, Omni-Lite will grant
Mikel Damke 20,000 stock options on June 30, 2002, and a further 20,000
stock options on Dec. 31, 2002. These options will be priced at the closing
price on the date of each grant. These options will be subject to approval
by the Canadian Venture Exchange. Mr. Damke, executive assistant to the
president, performs numerous functions as well as investor relations
services to the company.
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