Business
Omni-Lite receives new orders in the Military, Aerospace and Automotive Divisions
OML-TSX VENTURE CERRITOS, CA, Feb. 19 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to anno...
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\nOML-TSX VENTURE\n\n\nCERRITOS, CA, Feb. 19 /CNW/ - Omni-Lite Industries Canada Inc. is pleased\nto announce that it has received several new orders in the Military, Aerospace\nand Automotive Divisions. The total value of these orders is approximately\n$680,000 US. Driving this growth is an anticipated 30 percent increase in the\nCompany's Aerospace sales over 2007 and several significant opportunities in\nthe Military Division. The Company is also in discussion with existing\ncustomers on additional military programs, the details of which will be\nreleased as the contract discussions are finalized. One of these Military\norders is of particular significance in that it places Omni-Lite at the\nforefront of a new development for the US Military. "These orders further\nstress the significance of the Aerospace and Military markets to Omni-Lite. In\n2007, approximately 42 percent of sales were in the Military area and about\n26 percent were in the Aerospace Division. The importance of both of these\nareas is expected to rise in 2008," stated Allen E. Maxin, Vice-President of\nOperations.\n\n\nThe Company is also pleased to announce that revenue in Q4 of 2007\nincreased to $1,830,000, an increase of approximately 119% from revenue in Q4\nof 2006. "The performance of the Company in 2007 met all of our financial and\nproduction expectations with the number on components being produced\nincreasing from approximately 47 million in 2006 to almost 75 million in\n2007," stated Timothy Wang, CFO. "In particular, the increase in revenue in\nthe fourth quarter was impressive in that it occurred at a time when the\neconomy was slowing and many firms were seeing slow or no growth."\n\n\nTo meet the many opportunities that the Company sees in the future, the\nmanagement presented a Vision 2015 strategy to the Board of Directors at a\nboard meeting in California on February 11, 2008. This plan provides for a new\n60,000-70,000 square foot facility and additional support systems for\nengineering design, tooling development, automated inspection and packaging.\nThis facility would complement the 38 cold forging systems that will be in\nplace by mid 2009.\n\n\nAn additional cold forging system ordered approximately 21 months ago is\nscheduled to arrive at the end of February. The largest and most expensive\nmachin...