Second Quarter Financials

Omni-Lite Industries Canada Inc.
OML-TSX VENTURE

August 30, 2002

Omni-Lite has released its financial results for the periods three months ended June 30, 2002, and six months ended June 30, 2002. Revenue for the second quarter was lower than revenue in the comparable period in 2001, although for the first six months of 2002, total revenues increased 7 per cent over total revenues in the same period of 2001. Net income was negative reflecting in large part changes in the company's accounting policy. During the current period, the company revised its estimate with respect to the amortization period for deferred development expenses and adopted a more conservative policy in regard to deferral of such expenses. This has increased non-cash expenses by approximately $95,000 in the year-to-date results. Also, an increase in value of the Canadian dollar with reference to the United States dollar over the period has resulted in a foreign exchange charge of approximately $17,000.

       FINANCIAL HIGHLIGHTS 
    Three months ended June 30
        (in U.S. dollars) 

                     2002        2001

Total revenue $   445,833 $   591,263

Cash flow 
from 
operations     $   60,841 $   349,267

Net income 
(loss)         $  (58,418)$   269,217

Earnings 
(loss)
per share 
(U.S.)         $    (0.01)$      0.03

Earnings 
(loss)
per share 
(Canadian)     $    (0.01)$      0.04

       FINANCIAL HIGHLIGHTS 
     Six months ended June 30
        (in U.S. dollars) 

                     2002        2001

Total revenue $ 1,166,212 $ 1,089,473

Cash flow 
from 
operations     $  450,428 $   568,744

Net income 
(loss)         $  216,547 $   389,081

Earnings
(loss) 
per share 
(U.S.)         $     0.02 $     0.04

Earnings
(loss) 
per share 
(Canadian)     $    0.04  $     0.06

WARNING: The company relies upon litigation protection for "forward-looking" statements.

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