Omni-Lite growth expected in Military and Aerospace divisions|
Omni-Lite Industries Canada Inc.
February 26, 2003
Omni-Lite has completed the first contract for the product developed for its Canadian military customer. "This milestone completes 27 months of development and could lead to substantial new production orders in the near future," stated David F. Grant, president and chief executive officer.
In 2003, the company expects the military, aerospace and automotive divisions to be the fastest growing. In addition, Omni-Lite is seeing continued growth in the aftermarket for some of its sports and recreation products. These sports and recreation orders are coming from distributors who sell these products in approximately 140 countries worldwide.
The company is also submitting three additional patent applications for process innovations that support products in the military and sports and recreation divisions.
Omni-Lite has successfully leased approximately 5,800 square feet of the office space in its Cerritos facility. The total value of the lease is approximately $500,000 over the next three years. The lease can be extended for an additional two years.
On Feb. 19, 2003, the company received its 15th cold forging system. This equipment, with a retail value of approximately $750,000, will enable the company to diversify into larger and more complex products as required for the military and aerospace industries.
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