Second Quarter Results

Omni-Lite Industries Canada Inc.
OML-TSX VENTURE

August 29, 2003

Omni-Lite Industries Canada had record revenue for the second quarter and first half of fiscal 2003. During the second quarter, revenue including rental increased to $724,512 (U.S.) or approximately $976,280 (Canadian), an increase of 63 per cent over the corresponding period of 2002. For the first six months of 2003, revenue including rental was $1,366,194 (U.S.) or approximately $1,840,946 (Canadian), an increase of 17 per cent over the same period in 2002.

The company had a net income of $139,307 (U.S.) (two cents per share) or approximately $187,716 (Canadian) (two cents per share) for the second quarter. For the first six months of fiscal 2003, the company had a net income of $303,364 (U.S.) or approximately $408,783 (Canadian), an increase of 40 per cent over the same period in 2002. "The diversified revenue streams from the company's four sales divisions have contributed to the positive results for the first six months of the year," stated David F. Grant, president and chief executive officer. "As new components developed in the automotive and aerospace divisions begin to ship, they will further strengthen sales for the second half of 2003."

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


CONSOLIDATED INTERIM STATEMENT OF INCOME
         AND RETAINED EARNINGS
        Six months ended June 30
           (in U.S. dollars)

                   2003         2002

Revenue         $1,318,033   $1,113,255

Cost of goods 
sold               346,793      305,419
                ----------   ----------
Gross margin       971,240      807,836

Overhead 
expenses 

Amortization        85,652      199,881

General and 
admin              488,499      334,026

Interest on 
long-term debt      53,849       32,081

Research and 
product design      14,904       21,133
                ----------   ----------
                   642,904      587,121
                ----------   ----------
Income before 
the undernoted     328,336      220,715

Other income 
(loss) 

Foreign 
exchange           (25,883)     (16,998)

Rental              48,161       52,957
                ----------   ----------
                    22,278       35,959
                ----------   ----------
Income before 
income taxes       350,614      256,674

Income taxes 

Current             28,250        6,127

Future              19,000       34,000
                ----------   ----------
                    47,250       40,127
                ----------   ----------
Net income for 
the period        $303,364     $216,547
                ==========   ==========
Retained 
earnings, 
beginning of 
period          $1,721,434   $2,090,838

Retained 
earnings, end 
of period       $2,024,798   $2,307,385

Earnings (loss) 
per share, 
basic and 
diluted              $0.03        $0.02

CONSOLIDATED INTERIM STATEMENT OF INCOME
         AND RETAINED EARNINGS
       Three months ended June 30
           (in U.S. dollars)

                   2003         2002

Revenue           $699,685     $445,833

Cost of goods 
sold               180,583      129,462
                ----------   ----------
Gross margin       519,102      316,371

Overhead 
expenses 

Amortization        41,935      104,523

General and 
admin              265,953      196,448

Interest on 
long-term debt      28,330       13,505

Research and 
product design       7,154       21,133
                ----------   ----------
                   343,372      335,609
                ----------   ----------
Income before 
the undernoted     175,730      (19,238)

Other income 
(loss) 

Foreign 
exchange           (27,357)     (28,180)

Rental              24,827            -
                ----------   ----------
                    (2,530)     (28,180)
                ----------   ----------
Income before 
income taxes       173,200      (47,418)

Income taxes 

Current             14,893            -

Future              19,000       11,000
                ----------   ----------
                    33,893       11,000
                ----------   ----------
Net income for 
the period        $139,307     $(58,418)
                ==========   ==========
Retained 
earnings, 
beginning of 
period          $1,885,491   $2,365,803

Retained 
earnings, end 
of period       $2,024,798   $2,307,385

Earnings (loss) 
per share, 
basic and 
diluted              $0.02       $(0.01)


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