Business
Omni-Lite receives new military and sports and recreation contracts and reports second quarter revenue
Omni-Lite receives new military and sports and recreation contracts and reports second quarter revenue.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\nOMNI-LITE INDUSTRIES CANADA INC.\nOML-TSX VENTURE\n\nCERRITOS, CA, July 7 /CNW/ - Omni-Lite Industries Canada Inc. is pleased\nto announce two new contracts in the Military Division. In total, the Company\nhas received five orders for these components within the last two months. The\nCompany is also pleased to announce two new Sports and Recreation contracts.\nThe total value of these four new contracts is approximately $456,000 CDN.\nThe Company is pleased to announce that revenues for the second quarter\nof 2006 were approximately $1,342,400 US or $1,503,500 CDN, an increase of 33%\nover the same period in 2005. This performance represents record quarterly\nrevenue for the Company. Revenue for the first two quarters was approximately\n$2,356,080 US or $2,639,045 CDN, an increase of 22% over the period in 2005\nand again a record for the six-month period. \"Third quarter revenue will begin\nto show the very significant technical breakthroughs recently achieved in the\nlarge military project started seven months ago,\" stated Allen W. Maxin,\nVice-President of Operations. \"Omni-Lite has made a major contribution to the\nquality and manufacturing efficiency of this product line.\"\nAt the Annual and Special Shareholders meeting held in Calgary on June\n30, 2006, the four resolutions that included electing the Directors,\nappointing the Auditor, approving the Company's stock option plan and a\nspecial resolution authorizing the split of the Company's stock on a two for\none basis were passed. Notwithstanding that this special resolution (the stock\nsplit) was passed by a margin of approximately 72% of the shareholders that\nvoted, the resolution also authorized the directors to revoke the resolution\nand not proceed with the stock split if market and other conditions were not\ndeemed favorable to the Company and its shareholders. It is management's\nperception that a stock split could help to improve the liquidity of the\nCompany's shares, but given the recent downturn in market conditions overall,\nthe timing for a stock split is not favorable. Accordingly, the Directors have\ndecided not to proceed with the stock split until September at the earliest.\nOmni-Lite Industries will be featured on Market News First at 9:00AM PDT\non July 7, 2006. To hear the live interview with David F. Grant, Chairman and\nCEO, click the ...