CERRITOS, CA, Jan. 27, 2012 /CNW/ - Omni-Lite Industries is pleased to
announce that it has received contracts for the development of two new
programs sponsored by the U.S. Military. These contracts follow the
first article approval of a high priority component obtained in July of
2011 and a recent order for additional developments necessary for that
program received last month. The Company expects to review these
existing and additional programs at a critical meeting with the
customer in the month of February 2012.
"The potential variety and size of the projects validates our long-term
strategic vision of creating organic growth through the development of
long-term strategic relationships with key customers," stated David
Grant, Chairman and CEO.
In addition, Omni-Lite Industries is pleased to announce that it has
received new orders that include all divisions of the Company. The
total value of all new orders, received since the last Press Release on
Dec 29, 2011, is $328,921 US. Of these new orders approximately 48
percent are in the Specialty Automotive division, 40 percent are in the
Aerospace division, 7 percent are in the Sports and Recreation
division, and 5 percent are in the Military division.
The Company would also like to announce that the unaudited annual
revenue for fiscal 2011 was approximately $6.5 million ($6.6 million
CDN). "This figure is lower than the Company's projections largely due
to the delay in the production of one significant military component.
The other divisions of the Company generally saw continued increases in
revenue," stated Timothy Wang, CFO.
Omni-Lite Industries Canada Inc. 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
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. Tom Peterson, Investor Relations Manager
Tel. No. (562) 404-8510 x104 or (800) 577-6664 (Canada and USA)
Fax. No. (562) 926-6913, email: firstname.lastname@example.org