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Omni-Lite announces purchase of second custom modified cold forging system, new orders in the aerospace, sports and recreational, and automotive divisions, and cancellation of 403,655 shares
Omni-Lite announces purchase of second custom modified cold forging system, new orders in the aer...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n May 12, 2010 (Canada NewsWire Group) -- OML-TSX VENTURE\n\n Omni-Lite Industries Canada Inc. announces that it has purchased another highly modified cold forging system for a key US Military program. "The Company is scheduled to complete in the current quarter, the multi-year research and development effort undertaken in this program", stated Allen W. Maxin, VP Operations. "The original system delivered in December 2009 has been instrumental in moving this development work forward. The second system could be critical to meeting the customer's initial production requirements. Omni-Lite has the exclusive worldwide rights to this technology and anticipates applying for a patent in the next two months."\nIn addition, the Company would like to announce that it has received, in the last three working days, contracts for an additional $165,000 US ($168,000 CDN). "Of these new orders 54 percent are within the Aerospace division, 35 percent are in the Sports and Recreational division and 11 percent are in the Automotive division," stated David F. Grant, Chairman and CEO. "These orders bring the total of new contracted work, in the last month, to approximately $462,000 US ($471,000 CDN). This total includes those orders press released on May 6, 2010."\nThe Company has received, for cancellation, 403,655 shares. As a result, the number of issued and outstanding shares of the Company will be reduced from 10,620,854 to 10,217,199, a reduction of approximately 4 percent.\nThe Company is also updating the www.omni-lite.com website. On this site, a new corporate presentation can be found on the Home Page. This presentation has additional details on the sophisticated engineering, advanced materials and precision manufacturing capabilities that the Company has developed. In addition, effectively immediately, updates on the Company will be posted on Facebook.\n\nOmni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.\n\nExcept for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cau...