Omni-Lite year-end results
Omni-Lite Industries Canada Inc
Friday Mar 12 1999
Mr. David Grant reports
Revenue for the calendar year 1998 exceeded $2.7-million (Canadian). This
represents a 139 per cent increase from revenue of $1.1-million (Canadian) in
calendar 1997. The company expects to release complete audited year-end
financial statements in approximately 30 days.
To meet the continuing demand for the company's products, two new $350,000
(Canadian) precision forging systems were installed in the factory on Feb. 18,
1999. Three additional systems are scheduled to arrive on March 15, 1999. This
expansion enhances Omni-Lite Industries Canada's production capacity by 300
per cent from that available in 1998. This will complete the $1.5-million
(Canadian) capital acquisition program begun in late 1998.
Deliveries of an airbag retainer swedge bolt to be used by Volkswagen in the new
popular Beetle and Passat will begin in March 1999. Omni-Lite has also been
awarded an additional contract by adidas AG for a sports and recreation product.
The company also has entered into an agreement with the Howard Group for the
provision of investor relations services. This agreement was entered on March 8,
1999. The Howard Group's remuneration will be $3,500/month (Canadian) and a
grant of 50,000 stock options. The term of this arrangement is for 12 months.
For further information, please contact:
David F. Grant
President & CEO
Tel. No. (562) 404-8510
Fax. No. (562) 926-6913
E-Mail Address: email@example.com
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
WARNING: The company relies on litigation protection for "forward-looking"