New Aerospace Contract Signed|
Omni-Lite Industries Canada Inc.
January 15, 2002
CERRITOS, CALIFORNIA. January 15, 2002- Omni-Lite is pleased to announce it has received a new contract from Monogram Aerospace Fasteners. This contract is for a component similar to the first two products approved for production in the fourth quarter of 2001. The company is in discussions with Monogram to develop a fourth component.
Omni-Lite is pleased to announce that unaudited total revenues for fiscal 2001 were approximately $2,440,000 US or $3,886,900 CDN. This represents an increase of approximately 36% over revenues in 2001. "These results are particularly significant given the difficult business climate that existed in 2001," stated Paul Burkey, Chief Operating Officer. "Given the contracts in place today, management feels that the company is in a position to provide similar growth in 2002."
The company has made a further $100,000US prepayment on the mortgage on the new Cerritos building. This leaves only $300,000US outstanding on the original $2,000,000US purchase price. The company anticipates moving into this world-class facility approximately June 1, 2002.
The company has extended the contract of Mikel Damke until December 31, 2002. Over this period, Mikel's compensation will be $4000CDN per month and 35000 stock options at $1.95 per share. These new options replace those granted in January 2000 and leave Mikel Damke with a total of 55,000 stock options.
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