FAIRCHILD AWARDS OMNI-LITE NEW CONTRACTS AND E-VENTURES DIVISION FORMED|
Omni-Lite Industries Canada Inc
June 1, 2000
Omni-Lite is pleased to announce that it has successfully delivered twelve components to Fairchild Fasteners Inc. These components are utilized in the engine housings of jet aircraft and in pumps that are utilized in nuclear submarines and armored vehicles. In total, the company has received 15 contracts from Fairchild. These opportunities further enhance Omni-Lite's new aerospace division. In addition, the automotive division has been approached to develop an additional component for the Daimler-Chrysler transmission program.
To provide additional growth for Omni-Lite, the company has established an E-Ventures division to develop new opportunities in the High Technology Sector. Omni-Lite's first investment in this area was made two years ago in Multi-Tek Technology Inc., a CPC trading as MKN on the Canadian Venture Exchange (CDNX). Multi-Tek is in the final stages of negotiating an amalgamation with Tactex Controls Inc. Tactex is focusing on the development of touch based computer input devices. This fibre optic based, multi-point pressure sensing technology was co-invented by one of the Tactex shareholders. A US patent (number 5,917,180) has been granted to the Canadian Space Agency for this technology and an exclusive domain oriented sub-license of the technology has been granted to Tactex. The Tactex domain focuses on computer input devices. Tactex has delivered working beta units to approximately 15 customers for their evaluation and adaptation.
Additional investments are being evaluated in the technology and e-commerce sectors. While expecting that these investments will be profitable, an additional benefit to Omni-Lite will be the expectation that the company will remain on the leading edge of technology. This initiative will place particular emphasis on Business to Business opportunities in Canada and the US. This approach is particularly important as many aerospace and automotive customers move to Internet based sourcing programs. The company's close proximity to both Silicon Valley and the Technology Coast Area between Santa Barbara and San Diego has provided several potential opportunities for investment in this fast growing segment of the economy.
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