Omni-Lite Industries Reports New Contract Awards
• Aerospace Orders Set New Pace
• Initiation of Long Term LOA in Automotive Division
• New Bookings of Over $987,400 US
CERRITOS, CA, Feb. 19, 2016 /CNW/ - Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML.V - News) (OTCQX:OLNCF - News) is pleased to note that it has received new contracts in the amount of $987,417 US. Of these orders, approximately 75% are in the Aerospace division, 24% are in the Specialty Automotive division, and 1% are in the Sports and Recreational division. This brings the total number of new orders announced in the last two weeks to $1,740,806 US. Of these 59% are in the Aerospace division, 38% are in the Specialty Automotive division and 3% are in the Sports and Recreational division. At the US to CAD currency exchange rate of February 18, 2016, these orders would be worth approximately $2,402,000 CAD. Some of these aerospace orders follow the initiation of the multi-year aerospace contract announced February 12, 2016.
"The Company has received over $1,000,000 US in new orders in the Aerospace division in the last two weeks," stated Allen Maxin, President. "To continue growth in this expanding industry, Omni-Lite is currently negotiating another long term contract with a major tier one aerospace customer. It is anticipated that these negotiations will be completed in the first quarter. Also of significance, a major automotive customer has requested production quantities of a part recently developed for a complex brake system. This component compliments a product currently in production."
The Company is also pleased to note that it has received the first purchase order for the multi-year automotive project first announced in May 2015. As noted in the Letter of Agreement ("LOA") initiating this project, if successful, the program is intended to continue approximately 20 years. As part of the LOA, Omni-Lite has successfully delivered the first article prototypes to the customer. The next step in this program is the delivery of preproduction quantities for full scale trials. The Company expects to ship these components in the next 2 weeks.
"Omni-Lite is well positioned as a growth company in several growth industries," stated David Grant, Founder, CEO and Chairman of the Board. "Our investment in engineering, plant and equipment, material science and human capital is unmatched in the industry at a time when growth is demanding excellence in quality and on time delivery."
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Ford, Borg Warner, Chrysler, the U.S. Military, and Nike.
