Omni-Lite receives new orders of $469,000
Omni-Lite Industries Canada Inc.
October 13, 2009
Omni-Lite Industries Canada Inc. has received several new orders in the military, sports and recreation, automotive, and aerospace divisions of the company. These latest orders are for approximately $442,000 (U.S.) ($469,000 (Canadian)). The orders are roughly split equally between the four divisions. "Adding significance to these new orders is the first article approval (FAAT) of a new military component that the company has been developing for the last 24 months," stated Allen Maxin, vice-president of operations. "The company is now preparing to deliver the first large quantities of these components to the customer base. The backlog for this product is significant and should significantly enhance the company's revenues in the fourth quarter." The company is also pleased to announce a new contract for an anti-lock brake system being developed by a major tier one automotive supplier. This program is intended as a long-term project with a life span of approximately 10 years.
To enable the successful completion of another U.S. military program that has been under way for about 18 months, Omni-Lite has partially redesigned an advanced progressive cold forging system that is currently being completed in Japan. The company is due to inspect the enhanced system in November and if accepted, ship the system to California for arrival in mid-December. Omni-Lite will be the exclusive user of this adaptation worldwide. "This modified system could represent a significant technological leap over existing capabilities available today," stated Michael Walker, vice-president of research and development. "The company is anxious to try this new feature on a very important military program that is currently under way and will consider patenting the system after final engineering is completed."
The company is also pleased to note that Timothy C. Wang was selected as one of the finalists in the CFO of the Year award, as sponsored by the Los Angeles Business Journal. The board of directors and the staff at Omni-Lite would like to congratulate Mr. Wang for this significant achievement given the high quality of applicants in this year's competition.
The company would also like to report that revenues in the third quarter were approximately $1,085,000 (U.S.) ($1,122,000 (Canadian)).
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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