Omni-Lite Industries' 2004 revenues increase by 7.9%|
Omni-Lite Industries Canada Inc.
January 4, 2005
Omni-Lite Industries Canada Inc.'s total revenues including rental for the 2004 fiscal year were approximately $3.24-million (U.S.) ($3,903,552 (Canadian)), an increase of 7.9 per cent over the same period in 2003. "As Omni-Lite completes the many new and challenging research and development projects that it undertook in 2004 and first article acceptance is attained from our customers, the company's revenue base will be further diversified," stated Paul Burkey, president and chief operating officer. "Shipping these products and those of new contracts awarded toward the end of the year should lead to appreciable revenue growth for the company in 2005." Over all, the company's growth will be driven by increases in the aerospace and military divisions.
Omni-Lite Industries Canada has also granted incentive stock options to purchase a total of 90,000 common shares of the corporation, pursuant to the company's stock option plan approved at the annual general meeting held on June 20, 2003. All of the options are exercisable for a five-year term at 94 cents per common share, and vest over three years from the date of grant. The incentive stock options are granted to the following officers of the corporation: Paul Burkey, president and COO; Timothy Wang, chief financial officer; Michael Walker, vice-president of research and development; and Allen Maxin, vice-president of operations support.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
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