Omni-Lite Industries receives $1.627-million in orders
Omni-Lite Industries Canada Inc.
March 16, 2010
Omni-Lite Industries Canada Inc. is pleased to announce that it has received several new orders in the Military, Automotive and Aerospace Divisions. These latest orders are for approximately $1,627,000 US ($1,651,770 CDN). "The Company's efforts to move the Research and Development and ensuing production efforts to longer term US Military contracts is proving to be a wise choice in this period of economic uncertainty," stated Timothy Wang, CFO. "Of these new orders, approximately 81% are for U.S. Military programs. Of equal importance, the Company is completing the development of a new military component and has been notified that the production of this component is scheduled to begin in the fourth quarter, earlier than the Company's original expectations. The project may also be considerably larger than initially forecast."
To facilitate the final development of this addition U.S. Military program, the Company has extensively modified a special forging system in Japan. As the performance of this system has exceeded the Company's expectations, the Company is negotiating to have a second modified system installed in the Cerritos facility by May 2010. Omni-Lite has negotiated the exclusive worldwide rights to this engineering adaptation and is currently preparing a patent to cover this important intellectual property.
In the automotive division, the Company has gone into production on a major component for the Ford Scorpion Diesel program. The significant requirements for this component have necessitated putting a second forging system in production. It is expected that this component will be in production for a minimum of seven years. The Company has also been notified of the successful test results of a new ABS anti-lock brake component that has been in development for another new customer over the last three years. The Company has received a contract for the production of this part and expects first article approval in the next few weeks with production to follow in the second quarter.
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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