Business
Omni-Lite Industries receives follow-on military contract award amidst new orders valued in excess of $500,000 CAD
OML-TSX VENTURE CERRITOS, CA , Sept. 11, 2014 /CNW/ - Omni-Lite Industries Canada In...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, Sept. 11, 2014 /CNW/ - Omni-Lite Industries Canada Inc. is\n pleased to announce approximately $461,790 US ($507,563 CAD) in new\n orders. Of these orders, approximately 44% are in the Sports and\n Recreation division, 30% are in the Aerospace and Military divisions,\n and 26% are in the Specialty Automotive division.\n\n\nThe Company is also pleased to note that these contract awards include a\n follow-on order from a major U.S. military customer. The contract is\n related to a Research and Development program that was initiated in\n 2012. This phase two contract will be completed by October 15, 2014.\n\n\nThe Company has also been notified that the new military customer\n referenced in the Company's press release dated August 20, 2014 will be\n returning to Omni-Lite, within the next three weeks, for the completion\n of the first article qualification process for the component delivered\n under the aforementioned initial contract. This review is an essential\n step in the initiation of any production contract award for this\n program.\n\n\nOne of the Specialty Automotive orders mentioned above is for the\n production of a significant number of components for a new brake\n product. These parts will be utilized in an extensive system assembly\n trial program. \"The Company is already manufacturing very large\n quantities of another component utilized in this system, which is\n incorporated in approximately 30% of all the automobiles manufactured\n annually in North America ,\" stated Allen Maxin, President.\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, Chrysler, the U.S. Military, Nike, and adidas.\n\n\nExcept for historical information contained herein this document\n contains forward-looking statements. These statements contain known and\n unknown risks and uncertainties that may cause the Company's actual\n results or outcomes to be materially different from those anticipated\n and discussed herein. \n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in policies of the TSX Venture Exchange) accepts\n responsibility for the adequacy or accuracy of this release.\n\n...