OML-TSX VENTURE
CERRITOS, CA, July 3 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that it has received several new orders in the Aerospace, Automotive, and Sports and Recreational Divisions. The total value of these orders is approximately $908,000 US. Of particular significance, the Company has received the first of several potential contracts for the development of sophisticated components for antilock brake and vehicle stabilization systems. A second contract is expected this week. This work is being undertaken in conjunction with a European firm with revenues of over $50 billion US/year.
The Company is also pleased to report that it has taken delivery of the largest machine that has been ordered to date. This machine will be utilized on a military program. If successful, this development effort will place Omni-Lite at the forefront of a modernization effort underway for a critical munitions system employed by the US Marine Corps.
"This oversized system is well suited for the groundbreaking research into this military component. The Company feels that significant intellectual property could be developed in this program," stated Dan Mielke, Manufacturing Manager. "The project has been under way for approximately 14 months and will probably require an additional 14 months to complete. The long-term potential of this program justifies the significant resources that Omni-Lite is expending on this program. It is unlikely that this program will be successful without this novel technology being developed at Omni-Lite."
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by 50 companies including Boeing, Airbus, Alcoa, Chrysler, the U.S. Military, Nike, adidas and Reebok.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.