Second quarter results; new contracts|
Omni-Lite Industries Canada Inc
Monday Jul 13 1998
July 13, 1998 - Management is pleased to announce that revenues in the second quarter ended June 30, 1998 were approximately C$583,000. This represents a 240% increase from the 3 month period ended June 30, 1997. Total revenue for the first two quarters of 1998 will exceed C$1,100,000. These results are driven by continuing demand for the companies automotive, military and recreational product lines.
Omni-Lite is pleased to announce that it has received a new contract in the automotive area. This component is being utilized in the airbag system of a large North American automotive manufacturer. Omni-Lite has also negotiated the terms of a new contract with Nike, Inc. of Beaverton, Oregon for the provision of a new component with shipments beginning in September 1998 and continuing until 2002. In addition, the requirement for the U.S. Army product produced by Omni-Lite has been increased by 700% from the original order. To meet these demands, Omni-Lite has begun negotiations for five additional machines to be delivered in 1999.
Omni-Lite is a rapidly growing Alberta company that develops and manufactures precision components for 400 customers including Chrysler, the U.S. Military, Nike, Adidas and Reebok. Omni-Lite's patented consumer products are available in 140 countries worldwide. The Company specializes in high technology using advanced composite materials and computer controlled fabrication techniques.
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.
For further information, please contact:
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: email@example.com
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.