Omni-Lite Announces New Military Orders and Progress on Development Program to Produce Aerospace Components From Titanium
LOS ANGELES, CALIFORNIA--(Marketwired - April 11, 2017) - Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSX VENTURE:OML)(OTCQX:OLNCF) is pleased to announce new sales orders of over $1,802,000 US. Of these orders, 57% are in the Military division, 26% are in the Aerospace division, 11% are in the Specialty Automotive division, and 6% are in the Sports and Recreational division. "The most significant portion of these orders are new military contracts which represent another extension of a program that began in Nov 2014. This is the third set of orders in this program," stated Allen W. Maxin, President. "This brings the total value of the new orders announced this year to approximately $2,806,550 US or $3,744,000 CDN at the conversion rate of April 10, 2017."
The company is also pleased to announce that revenues in the first quarter were approximately $1,713,000 US, an increase of 16% from revenues in the first quarter of 2016. As of today, the company's backlog stands at approximately $9,000,000 US and the book to bill ratio YTD is over 1.5.
"The Company is continuing its significant investment in converting one of its cold forging systems to support the hot heading of titanium and other super alloys. The company produced its first partial component from 6-4 aerospace titanium on April 4, 2017," stated Mike Walker, VP of R and D. "This is a critical step in providing higher valued components to this new and expanding marketplace."
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures mission critical, precision components utilized by Fortune 100 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, John Deere, the U.S. Military and Nike.