Business
Omni-Lite Industries announces new orders in the Aerospace, Automotive, and Sports and Recreational divisions and receives initial approval for a key military program
OML-TSX VENTURE CERRITOS, CA, July 3 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to annou...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, July 3 /CNW/ - Omni-Lite Industries Canada Inc. is pleased\nto announce that it has received several new orders in the Aerospace,\nAutomotive, and Sports and Recreational divisions of the Company. These latest\norders are for approximately $477,000 CDN ($413,000 US). "Adding significance\nto these new orders is the initial approval, this week, of a new military\nproduct that the Company has been developing over the last 18 months," stated\nPaul A. Burkey, President and COO. "The Company is now preparing to deliver\nthe first large quantity of these components to the customer for testing. If\nthe results of a detailed testing program are successful, final approval for\nthis large program could be obtained in about three months."\n\n\nOmni-Lite also wishes to announce that an additional first article test\nis scheduled for early July at the Company's headquarters in Cerritos,\nCalifornia. This is for another new military program that has been under\ndevelopment for about 24 months. If approval is obtained, the Company can\nbegin shipping almost immediately from the large backlog that has built up for\nthis product.\n\n\nThe Company would also like to announce that it has hired Mr. Andrew S.\nBengis as Controller, reporting to Mr. Timothy C. Wang, CFO. Mr. Bengis has\nadded significant depth to the Company's financial team.\n\n\nThe Company would also like to report that, in June, three additional\ncold forging systems were received at the Cerritos facility. This equipment\nwas purchased as part of the Company's Vision 2015 Growth Strategy. This\nbrings the number of progressive cold forging systems at Omni-Lite to 31. The\nlast machine purchased under this multimillion-dollar procurement is being\nmodified in Japan to include a special engineering adaptation to significantly\nincrease its performance. The Company's revenues for the second quarter of\n2009 were approximately $1,332,000CDN ($1,153,000US).\n\n\nOmni-Lite is a rapidly growing high technology company that develops and\nmanufactures precision components utilized by 50 companies including Boeing,\nAirbus, Alcoa, Chrysler, the U.S. Military, Nike, adidas and Reebok.\n\n\nExcept for historical information contained herein this document contains\nforward-looking statements. These statements contain known and unk...