- New bookings of approximately $540,000 US
- Sales for Q2 over $2.1 Million
US
- New program for solar components
- Backlog rises 255% from Jan
2016
- Book to Bill ratio rises to 1.7 in Q2 from 1.2 last
year
TSXV: OML
OTCQX: OLNCF
LOS ANGELES, July 8, 2016
/CNW/ - Omni-Lite Industries Canada Inc.
(the "Company" or "Omni-Lite") is pleased to note that it has
received new contracts since May 27,
2016, in the amount of approximately $540,000 US. Of these orders, 58% are in the
Specialty Automotive division, 40% are in the Aerospace division,
and 2% are in the Sports and Recreational division. This brings the
total value of new orders announced since the start of the year to
over $5,040,000, US. At the US to CAD
currency exchange rate of July 7,
2016, these orders are valued at approximately $6,552,000 CAD.
The Company is pleased to note that revenues in
the second quarter exceeded $2,110,000 US. This brings revenue in the first
six months of the fiscal year to approximately $3,595,000 US. As forecast earlier in
the year, revenues are continuing to build into the latter half of
the year, as the military production continues to gain in
momentum.
The Company is also pleased to announce that it
has received an initial contract for a component developed for the
solar industry. This component is utilized in high quantities in
the electrical system of popular solar installations. The Company
delivered to the customer, the first article for final testing in
late June, 2016.
"The Company is fortunate to have a backlog that
has grown 255% from January to June
2016. This increased order visibility is also shown in the
book to bill ratio increasing to 1.7 from 1.2 this time last year."
stated David F. Grant, CEO.
The Company is also pleased to be featured in a
SNN( Stock News Now) video where the growth strategy of the company
is discussed at the L D Micro conference in Belair, CA, on June
7, 2016. The Company is fortunate to be a growing
company in several growing industries. This video interview can
also be found on the updated Omni-Lite website at
www.omni-lite.com.
Omni-Lite Industries Canada Inc. is a rapidly
growing high technology company that develops and manufactures
mission critical, 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.