• Aerospace Orders Set New Pace
•
Initiation of Long Term LOA in Automotive Division
• New
Bookings of Over $987,400 US
CERRITOS, CA, Feb. 19, 2016 /CNW/ - Omni-Lite Industries Canada
Inc. (the "Company") (TSXV:OML) (OTCQX:OLNCF) is pleased to note
that it has received new contracts in the amount of $987,417 US. Of these orders, approximately 75%
are in the Aerospace division, 24% are in the Specialty Automotive
division, and 1% are in the Sports and Recreational division. This
brings the total number of new orders announced in the last two
weeks to $1,740,806 US. Of
these 59% are in the Aerospace division, 38% are in the Specialty
Automotive division and 3% are in the Sports and Recreational
division. At the US to CAD currency exchange rate of February 18, 2016, these orders would be worth
approximately $2,402,000 CAD.
Some of these aerospace orders follow the initiation of the
multi-year aerospace contract announced February 12, 2016.
"The Company has received over $1,000,000 US in new orders in the Aerospace
division in the last two weeks," stated Allen Maxin, President. "To continue growth in
this expanding industry, Omni-Lite is currently negotiating another
long term contract with a major tier one aerospace customer. It is
anticipated that these negotiations will be completed in the first
quarter. Also of significance, a major automotive customer
has requested production quantities of a part recently developed
for a complex brake system. This component compliments a product
currently in production."
The Company is also pleased to note that it has received the
first purchase order for the multi-year automotive project first
announced in May 2015. As noted in
the Letter of Agreement ("LOA") initiating this project, if
successful, the program is intended to continue approximately 20
years. As part of the LOA, Omni-Lite has successfully
delivered the first article prototypes to the customer. The next
step in this program is the delivery of preproduction quantities
for full scale trials. The Company expects to ship these components
in the next 2 weeks.
"Omni-Lite is well positioned as a growth company in several
growth industries," stated David
Grant, Founder, CEO and Chairman of the Board. "Our
investment in engineering, plant and equipment, material science
and human capital is unmatched in the industry at a time when
growth is demanding excellence in quality and on time
delivery."
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, Ford, Borg
Warner, Chrysler, the U.S. Military, and Nike.
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.
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.
SOURCE Omni-Lite Industries Canada Inc.