Omni-Lite Industries receives patent, more orders
Omni-Lite Industries Canada Inc.
April 25, 2006
Omni-Lite Industries Canada Inc. has received several new orders in the aerospace division and one new order in the automotive division. The majority of the aerospace orders are from long-term customers in Southern California. These aerospace components are used in a wide variety of military and commercial aircraft. The automotive order is for a new component in the speciality automotive market, a market that Omni-Lite has been developing for the last 18 months.
"These additional orders demonstrate the strength of the aerospace industry in Southern California," stated Michael Walker, vice-president of research and development. "The strict engineering requirements inherent in these components necessitate exacting attention to the details of their design and fabrication. In fact, many of these components could not be manufactured without the technologies that the company has developed."
Omni-Lite is also pleased to announce that is has been awarded U.S. patent No. 7,007,537 for a complex process developed at Omni-Lite and currently being used in a military program. The patent was first mentioned in Stockwatch Dec. 15, 2006. The company expects to receive a second patent for a different technology within the next month.
The company is pleased to announce that, on the last review conducted by a major military customer in the United States, it received a 98-per-cent approval rating.
"The high marks achieved on this quality review are indicative of the huge effort the management and staff place on quality assurance," stated John Sidener, manager of quality control. "As we continue to introduce more automated inspection capabilities at Omni-Lite, we expect to further enhance the current positive relationship with our customers."
To complement the Hybrid Initiative announced in Stockwatch March 29, 2006, the company has been evaluating various solar initiatives to produce up to 25 per cent of the total power requirements of the company from the abundant solar energy found in Southern California. These plans are to be implemented in a larger facility as required by the company's Vision 2010 growth plan. The company is exploring the possibilities of procuring a 50,000-square-foot building within the vicinity of its current location in Cerritos, Calif.
The company is pleased to announce that revenues for the first quarter of 2006 were approximately $1,013,680 (U.S.), an increase of 9.7 per cent over the same period in 2005.
David F. Grant, chief executive officer, and Donald J. Kelly, secretary, were granted incentive stock options to purchase 50,000 and 30,000 common shares, respectively, pursuant to the company's stock option plan approved at the annual general meeting held on June 20, 2003. The options are exercisable for a five-year term at $2.69 per common share and vest over three years from the date of grant.
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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