Business
Omni-Lite reports on new Aerospace and Commercial orders
Omni-Lite reports on new Aerospace and Commercial orders.
About this update from Omni-lite Industries Canada Inc.
[{"type":"text","content":"\n\n\n\n\nOML-TSX VENTURE\n\nCERRITOS, CA, March 8 /CNW/ - Omni-Lite Industries Canada Inc. is pleased\nto announce that it has received an additional new order in the Aerospace\nDivision. This order is from the large long-term customer mentioned in a press\nrelease of February 24, 2006. This represents the second order, from this\ncustomer, within two weeks. These products, utilized in the composite sections\nof most state-of-the-art commercial and military aircraft, are to be shipped\nin April 2006. Within the Military division, Omni-Lite has been notified that\nthe products mentioned in a press release of February 8, 2006 have passed\npreliminary range testing. The Company has received several expressions of\ninterest, from new customers, for this component now being supplied for the \nUS Military.\nIn addition to the growth being experienced in the Aerospace, Military\nand Automotive divisions, the Company has received an order in the Commercial\ndivision from a long-standing customer in Southern California. These\ncomponents are being produced on the new equipment commissioned in February\n2006. \"With this equipment, the Company will be able meet the shipping\nschedules dictated by our increasing back log,\" stated John Sidener, Manager\nof Quality Control. \"Both new machines are busy producing components for the\nAerospace and Automotive divisions and now the largest system will be\nmanufacturing products for the Commercial Division.\"\nDavid F. Grant, CEO, Michael Walker, VP of R and D and Don Kelly,\nSecretary, were granted incentive stock options to purchase 50,000, 30,000 and\n25,000 common shares respectively, pursuant to the Company's stock option plan\napproved at the annual general meeting held on June 20, 2003. The options are\nexercisable for a five-year term at $2.55 per common share and vest over three\nyears from the date of grant.\n\nOmni-Lite is a rapidly growing high technology company that develops and\nmanufactures precision components utilized by 100 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 contain known and unknown risks\nand uncertainties that may cause the company's actual results or outcomes to\nbe materially diff...