New Automotive Contract Received|
Omni-Lite Industries Canada Inc
August 29, 2000
CERRITOS, CALIFORNIA. August 29, 2000 - Omni-Lite (OML) is pleased to announce that it has received a new contract for the development of a copper heat sink for a semiconductor utilized in automobile alternators. This project is a cooperative venture with Stalcop L.P., one of the largest suppliers of copper components to the automotive industry. This development would focus the company's engineering expertise on a large potential market, which includes both aftermarket and OEM opportunities. This initial contract includes the first 1,000,000 production components to be delivered by December 15, 2000. Final production quantities will be determined during the Fourth Quarter of this year. Based on current negotiations, this project is anticipated to increase Omni-Lite's revenues by up to 25% for fiscal 2001.
David F. Grant, President and CEO stated, "Our growing commitment to a larger sales effort is now paying dividends which will lead to continued growth in revenues and earnings. This contract and others currently in negotiation illustrate the company's ability to attract a larger customer base."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components used by 200 companies including GM, Ford, Mazda, Daimler-Chrysler, the U.S. Military, Nike, Adidas and Reebok. The company specializes in the development and utilization of advanced materials.
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