Omni-Lite Industries Appoints Mr. Roger Dent as Board Member
CERRITOS, CALIFORNIA, October 20, 2015 –Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSXV:OML) (OTCBB:OLNCF) is pleased to announce the appointment of Mr. Roger Dent to replace Mr. Norman Goodrich on the Board of Directors. Mr. Dent will also take Mr. Goodrich's position on the audit committee of Omni-Lite. Mr. Roger Dent is the Chief Executive Officer of Quinsam Capital Corporation and is a director of Quinsam Opportunities I Inc., Quia Resources Inc. and ACUITYAds Inc. Mr. Dent also serves as a Director of California Nanotechnologies Corp., a company founded by Omni-Lite in 2005, and as a member of the advisory board of Energex Petroleum Inc. From 2003 to 2011, he has held various positions including portfolio manager with Matrix Fund Management Inc., where he managed the Matrix Strategic Small Cap Fund and the Matrix Small Companies Fund. He was formerly vice-chairman of one of Canada's largest independent investment dealers and was managing director and deputy manager of research at CIBC World Markets. He has a Masters of Business Administration from Harvard Business School and a Bachelor of Commerce degree from Queen's University.
Mr. Goodrich has been a member of the Board since near the Company's inception and as such has made a very significant contribution to the Company's success. Mr. Goodrich will continue his efforts to support the Company as a consultant. "The Company thanks Mr. Goodrich for his invaluable guidance over the years and wishes him every success in his future endeavours," stated David F. Grant, Chairman of the Board and CEO.
The Company's revenues in the first nine months of fiscal 2015 were approximately $6,017,000 US. This represents an increase of 25% over revenues in the first nine months of 2014. In Canadian dollar terms, at September 30, 2015 exchange rates, this would be approximately $8,047,000 which would be a new high for Canadian dollar revenues in the first nine months of the year. This milestone would exceed the Company's previous Canadian dollar revenue high recorded in 2008 by approximately 27%. Over the same period, the Company's production output increased by approximately 30%. Of particular significance, military sales grew to 28% of total sales in the nine month period.
Pursuant to its stock option plan and in accordance with the policies and approval of the TSX Venture Exchange, the Board of Directors has approved a grant of 50,000 stock options to Mr. Dent. These options vest equally over a period of 3 years and are exercisable on or before October 19, 2020 at an exercise price of $1.98 per share.
"I have been an investor in and have followed the progress of Omni-Lite for many years," stated Mr. Dent. "Given Omni-Lite's robust performance and business outlook and the strategic review process now underway, it is a very interesting time to be joining the effort to help the Company achieve success."
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, 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.
For further information, please contact:
Tim Wang, CFO, Tel. No. (562) 404-8510 x108, or (800) 577-6664 (Canada and USA), Fax. No. (562) 926-6913, email: email@example.com
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.
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