Omni-Lite Industries sees growth from both existing programs and new product developments
CERRITOS, CA, July 23, 2013 /CNW/ - The Company is pleased to announce approximately $734,000 US ($758,000 CAD) in new orders that include three divisions of the Company. Of these new orders, 51 percent are in the Sports and Recreation division, 25 percent are in the Specialty Automotive division and 24 percent are in the Aerospace division.
"This is an exciting period for Omni-Lite with growth being driven by the expansion of existing product lines and the development of new programs with our current customers. Of significance, the Company has been notified of a 15 percent increase in the product developed for the Ford Heavy Duty truck line. It is also the Company's understanding that this program could increase by an additional 25 percent in the next several months. The Company has also been notified that the one of the components utilized in major brake program will increase by approximately 35 percent next year followed by a further 26 percent increase in 2015. In the area of new program development, the Company is in discussions with one of our major automotive customers to begin a significant program that could lead to the dominance of certain markets by Omni-Lite and our customer," stated Mike Walker, VP of R and D.
In the Aerospace division, on July 9, 2013, the Company signed a note of agreement for a three year contract with Alcoa Fastening Systems Aerospace. The arrangement provides an outline for a more detailed agreement whereby Omni-Lite would manufacture certain key products for Alcoa. In early July, the Company was also notified that some of the products manufactured in the Sports and Recreation division have been chosen for several new footwear lines by Nike, Inc.
On July 11, 2013 Omni-Lite Industries successfully completed its annual surveillance audit in support of ISO 9001-2008 Quality Management System requirements. With this success, the Company's current certification continues until August 2014. In July, the Company was also audited by the world's largest airframe manufacturer together with one of our key aerospace customers.
Given the need to provide more technical support to the new programs underway at Omni-Lite, the Company has hired two new graduates from the Mechanical Engineering Technology program at the Southern Alberta Institute of Technology. Both of the new employees are on a three year visa to work in the US. They are currently enrolled in a two month in house training program to expose them to the details of progressive cold forging and the Company's quality and production management systems. At the end of this training program these employees will join the production team on the floor to further enhance the productivity of the Company.
Omni-Lite is a rapidly growing high technology company that develops and manufactures precision components utilized by several Fortune 500 Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
SOURCE Omni-Lite Industries Canada Inc.For further information:
Mr. Tim Wang, CFO
Tel. No. (562) 404-8510 or (800) 577-6664 (Canada and USA)
Fax. No. (562) 926-6913, email: email@example.com