Business
Omni-Lite announces record contract awards valued in excess of $2.234 million US
Contract Win Reinforces the Company's Significant Technological Capabilities and Validates...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\nContract Win Reinforces the Company's Significant Technological\n Capabilities and Validates the Ability of the Company to Support Large\n Complex Programs and Major Customers \n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, Nov. 26, 2014 /CNW/ - Omni-Lite Industries Canada Inc.\n (TSXV: OML) is pleased to announce that it has been awarded several\n production contracts, valued in excess of $2,234,000 US ($2,519,000\n CAD), from a leading U.S. Department of Defense (DoD) prime\n contractor.  These contracts are for the supply of two critical\n components in support of the U.S. Army's Enhanced Performance Round\n Program (formally known as the Green Round Program).  These contract\n awards represent the largest group of orders received by the Company in\n its history, exceeding any previous customer commitment by a factor of\n at least three (3x).\n\n\nThis program will contribute sales of approximately $186,000 US\n ($209,000 CAD) per month or $558,000 US ($629,000 CAD) per quarter to\n the Company's revenue stream.  Product deliveries will begin in\n December 2014.\n\n\n\"The successful award of this project to Omni-Lite is the result of a\n significant commitment over the last several years by our customer and\n the dedicated efforts of our talented and diverse team of employees.\n This commitment continues as the Company has been funded to complete\n the development of another critical component in this program,\" stated\n Allen W. Maxin, President. \"Of importance, the Company has delivered\n significant quantities of one of the production contracted components\n mentioned above to an additional new military customer.\"\n\n\nThis significant military order was received amidst other orders in the\n Aerospace, Specialty Automotive and Sports and Recreation divisions of\n Omni-Lite. The total value of the orders mentioned in this press\n release is approximately $2,471,072 US ($2,787,000 CAD). Of these\n orders, approximately 90% are in the Military division, 6% are in the\n Aerospace division, 3% are in the Specialty Automotive division and 1%\n is in the Sports and Recreation division.\n\n\nOmni-Lite is a rapidly growing high technology company that develops and\n manufactures precision components utilized by several Fortune 500\n Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg\n Warner, Chrysl...