Business
Omni-Lite receives new contracts and new U.S. patent
Omni-Lite receives new contracts and new U.S. patent.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\nOML - TSX VENTURE EXCHANGE\n\nCERRITOS, CA, Dec. 16 /CNW/ - Omni-Lite is pleased to announce that it\nhas received new contracts in the Automotive and Commercial Divisions. Under\nthe Automotive contract, the Company is committed to deliver a minimum of\nUS$150,000 worth of new components in the first quarter of 2006. These\ncomponents are for the high growth industrial diesel marketplace, which\ntypically has product cycles of several years.\nThe Commercial contract represents the first production contract for a\nnew component utilized in a new generation electrical metering and\ndistribution system being marketed for residential and industrial utilization\nin North America and Mexico. It is valued at US$50,000 over fiscal 2006.\n\"The research and development that the Company completed in 2004 and 2005\nis now paying dividends in these first production contracts,\" stated Allen W.\nMaxin, V.P. of Operations Support. \"The Company's backlog for 2006 is rapidly\ngrowing and should result in meaningful revenue growth moving forward.\"\nIn addition, Omni-Lite would like to announce that it has received a\nNotice of Allowance, from the U.S. Patent office, for a patent that protects a\nprocess that the Company developed to produce a component in the Military\nDivision. This newly patented process has enabled the company to increase the\nsophistication of its products. The process could have application for other\ncomponents in the future.\nThe Company has a patent pending for another sophisticated process that\nis essential to the high value-added products that the Company has pioneered.\nThe Company currently holds six Patents covering material utilization,\nmanufacturing processes and product designs. To add to this intellectual\nproperty, the Company is in the process of finalizing an additional Patent\napplication for submission in the near future. Protecting the intellectual\nproperty developed at the Company is critical to the future growth of the\nCorporation.\n\nOmni-Lite is a rapidly growing high technology company that develops and\nmanufactures precision components utilized by 140 companies including Boeing,\nAirbus, Alcoa, Daimler-Chrysler, the U.S. Military, Nike, adidas and Reebok.\n\nExcept for historical information contained herein this document contains\nforward-looking statements. These statements contai...