350% annual growth|
projected in first quarter
Omni-Lite Industries Canada Inc
Monday Mar 23 1998
Mr Barry Lee reports
Based on continuing rapid growth in sales, Omni-Lite projects a growth rate over 1997 first quarter results exceeding 350%. These results are fueled by continuing strength in the company's automotive, military and recreational product lines.
Omni-Lite has entered into a three year arrangement to continue to provide its patented track and field products to Nike, Inc of Beaverton, Oregon. This agreement substantially increases Omni-Lite's presence in the footwear industry. The company has also received orders from four new OEM customers for deliveries beginning in May 1998. In addition, as of April 1998, the Ceramic Ultra-Lite track spike will be resold through Champs Sports, a 600 store retail chain. These products are now sold in over 1,300 stores in the US.
Omni-Lite has been awarded a prototype contract to develop a second component for the Chrysler passenger car. Orders for this product are expected for the 1999 model year beginning in June 1998. Prototypes of the airbag components developed for a European automotive manufacturer have been delivered and are currently being tested. The company has also been awarded a prototype contract for a second component for the US military. Orders for the original components have been increased by 30% since the project began. This increased workload has required that Omni-Lite purchase a fourth progressive forging system for integration into the production facility by July 1998. This purchase places Omni-Lite at the leading edge of this technology worldwide.
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
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