First Quarter Revenue Estimate Revised Upwards|
Omni-Lite Industries Canada Inc.
April 15, 2002
CERRITOS, CALIFORNIA. April 15, 2002- Omni-Lite's revenues for the first quarter of 2002 are now expected to exceed $700,000US or approximately $1,117,200CDN, an increase of 40% over revenues of $ $498,211US or approximately $795,145CDN in the same period of 2001. This increase in revenue was derived from the defense and aerospace divisions of the company.
On April 9, 2002, Omni-Lite made the final mortgage payment of $300,000US for the new production and research facility located in Cerritos, California. This 30,970 square foot building was purchased for $2,000,000US in December 2000. The company anticipates moving into this world-class facility on approximately May 20, 2002.
Omni-Lite is also pleased to announce that it has received the two additional contracts from Monogram Aerospace Fasteners that were mentioned in the press release of March 15, 2002. This brings the total number of contracts with Monogram to seven, with a total annual revenue of approximately $650,000US.
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