Omni-Lite year-end results

Omni-Lite Industries Canada Inc
OML-ASE

1999-03-10

Friday Mar 12 1999
Mr. David Grant reports
Revenue for the calendar year 1998 exceeded $2.7-million (Canadian). This represents a 139 per cent increase from revenue of $1.1-million (Canadian) in calendar 1997. The company expects to release complete audited year-end financial statements in approximately 30 days.

To meet the continuing demand for the company's products, two new $350,000 (Canadian) precision forging systems were installed in the factory on Feb. 18, 1999. Three additional systems are scheduled to arrive on March 15, 1999. This expansion enhances Omni-Lite Industries Canada's production capacity by 300 per cent from that available in 1998. This will complete the $1.5-million (Canadian) capital acquisition program begun in late 1998.

Deliveries of an airbag retainer swedge bolt to be used by Volkswagen in the new popular Beetle and Passat will begin in March 1999. Omni-Lite has also been awarded an additional contract by adidas AG for a sports and recreation product. The company also has entered into an agreement with the Howard Group for the provision of investor relations services. This agreement was entered on March 8, 1999. The Howard Group's remuneration will be $3,500/month (Canadian) and a grant of 50,000 stock options. The term of this arrangement is for 12 months.

For further information, please contact:
IN U.S.A.
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: info@omni-lite.com
Website: www.omni-lite.com


THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.


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



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