Omni-Lite Industries Receives Follow-on Military Contracts Amidst New Orders Valued At Approximately $890,000 CAD
Omni-Lite Industries Canada Inc.
CERRITOS, CALIFORNIA, October 27, 2014 – Omni-Lite Industries Canada Inc. is pleased to announce approximately $792,000 US ($890,000 CAD) in new orders. Of these orders, approximately 47% are in the Specialty Automotive division, 46% are in the Aerospace division, 4% are in the Military division and 3% are in the Sports and Recreation division.
The Company is also pleased to note that these contracts include orders from two major U.S. military customers. One of these contracts is related to the successful completion of the first article approval process that was conducted at Omni-Lite’s facilities in early October 2014.
The Company has recently received a third quarter supplier scorecard from Alcoa Fastening Systems (AFS) that had a perfect record for both quality and delivery. “The continuation of the high supplier rating achieved from Alcoa is helping to deepen the relationship between Alcoa and Omni-Lite. This is leading to an increasing workload, for Omni-Lite, from this large Aerospace company,” stated Allen Maxin, President.
To undertake several projects contemplated in the future, the Company has recently confirmed the purchase of the large seven station progressive forging system mentioned in the press release of September 2, 2014. This system will be the most sophisticated at Omni-Lite, with five of the seven dies modified with the OD-Plus System, which provides for the opening and closing of the forging tooling, in real time, under high pressure. “This enhanced capability will allow the Company to seek new opportunities from the U.S. Military and our Tier One military customers. In addition, this complex system will support a new development project for another clean diesel application,” stated Michael Walker, VP of Research and Development. “This equipment has a value of approximately $725,000 US and should be delivered to Omni-Lite in the third quarter of 2015. The Company has filed a U.S. Patent for the OD-PLUS System.”
On the financial side, Omni-Lite is pleased to announce that it has made the last payment on its outstanding debt on October 23, 2014. “The Company is again debt free,” stated Tim Wang, CFO. Also of note, the Company's revenue for the third quarter of 2014 was $1,628,759 US ($1,817,110 CAD). The revenues in the first 9 months of the year were $4,811,549 US ($5,367,960 CAD), an increase of 16.8% over the Company's revenues in the first 9 months of fiscal 2013.
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: David Grant, CEO, Tel. No. (562) 404-8510 x107, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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