New Orders and Progress with Hot Forging Capabilities
Omni-Lite Announces Several New Orders in the Aerospace Division and Successful First Production Run From Hot Forging Test Center
~ Two new development contracts in the aerospace division
~ First successful production run for hot forging system
LOS ANGELES, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSX-V:OML) (OTCQX:OLNCF) is pleased to announce that the aerospace division of the Company is continuing to grow with two additional development orders. "These orders complement the family of parts mentioned in the two previous press releases. In a review conducted with the customer last week, Omni-Lite was informed that the previous components submitted for assembly and approval had successfully passed all initial tests. It is anticipated that production of these components could begin as early as September of this year," stated Allen Maxin, President. "Given the accelerating growth prospects of the Company, Omni-Lite has hired a Vice-President of Business Development and Sales to quickly extend the Company's outreach. Mr. Joseph Hachadoorian, who has 37 years experience in the aerospace industry, begins on August 7, 2017."
Of particular significance, the Company delivered its first production order from the hot heading test bed in late June. "Given this success, Omni-Lite has committed to the development of two additional hot heading systems," stated Michael Walker, VP of R and D. "The fact that these systems can operate at a wide range of temperatures, on a broad range of materials, bodes well for the future growth of the Company."
Omni-Lite is also pleased to note that it has received new contracts worth $464,951 US. Of these orders 17% are in the Aerospace division, 49% are in the Sports and Recreation division, and 34% are in the Specialty Automotive division. This brings the total value of the new orders announced this year to over $3,734,000 US or $4,645,000 CAD at the exchange rate on July 31, 2017.
The company is pleased to note that revenue in the first six months of the year was approximately $3,479,044 US versus $3,595,132 US in 2016.
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.
For further information, please contact
Mr. David Grant, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Cell. No. (714) 757-8863