CERRITOS, CA, May 6 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that it has received, over the last four weeks, several new orders in the Military, Automotive, Sports and Recreational, and Aerospace divisions. These latest orders are for approximately $297,000 US ($306,000 CDN). Of these new orders 42 percent are in the Military division, 28 percent are in the Automotive division, 23 percent are in the Sports and Recreational division and 7 percent are in the Aerospace division.
"These new orders further add to the significant backlog that the Company has moving into the last half of Q2 and provide more visibility to the financial outcome of 2010. The excellent quarterly results announced on May 5, 2010, are additional testament to Omni-Lite's business model, which requires delivering sophisticated engineering, advanced materials, and precision manufacturing expertise to a broad range of Fortune 500 customers," stated Tim Wang, CFO. "The completion of the development of two new components scheduled during Q2 should add further significant long term revenue streams to Omni-Lite."
One of these new components is for the U.S. Military. To facilitate the final development and meet the anticipated near term demands from this customer, the Company will receive a second highly modified cold forging system from its equipment supplier on May 25, 2010. The second component, to be completed and put into production this quarter, is for the next generation anti-lock brake, rollover and stability systems mandated for all new automobiles sold in the US in 2012. This component has completed a year-long testing program and customer approval has been obtained. Omni-lite has received the first contracts for this component and is waiting for a customer Quality Assurance visit in May 2010 to initiate manufacturing.
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: 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, Website: www.omni-lite.com