♦Fiscal 2015 Revenues Approximately $7,550,000 US
♦Production Output Increases 19.5% in Fiscal 2015
♦New Bookings of $753,389 US
CERRITOS, CA, Feb. 4, 2016 /CNW/ - Omni-Lite Industries Canada Inc. (the "Company") (TSXV:OML) (OTCBB:OLNCF) is pleased to note that it has received new contracts in the amount of $753,389 US. Of these orders, approximately 57% are in the Specialty Automotive division, 37% are in the Aerospace division, and 6% are in the Sports and Recreation division.
"The Company has recently received orders for two new components in the Aerospace division," stated Allen Maxin, President. "These components are being developed in conjunction with our large tier one aerospace customers to meet the production scale robotic assembly requirements demanded by the aerospace system integrators. The Company is also currently negotiating two long term contracts with major tier one aerospace customers. It is anticipated that these negotiations can be completed in the first quarter. The Company is continuing to see growth in many of its existing programs as customers prepare for 2016. Of significance, two automotive customers have notified the Company of increases in production for this year."
The Company's revenues in fiscal 2015 were a record of approximately $7,550,000 US. In Canadian dollar terms, based on December 31, 2015 exchange rates, 2015 revenues were a record at approximately $10,466,900.
Over the same twelve month period, the Company's production increased by approximately 19.5%. Of particular significance, military division sales grew to 29% of total sales in fiscal 2015.
The Company has completed the strategic review program previously announced on September 3, 2015. While Omni-Lite identified and evaluated a range of alternatives during this program, given the large organic opportunities now before the Company, the Board of Directors has unanimously concluded that the continued execution of the Vision 2020 Plan best positions Omni-Lite to drive long-term shareholder value.
"The Company is fortunate to have a very strong balance sheet as we enter 2016," stated David Grant, Chairman and CEO. "The Company is debt free, owns the manufacturing facility outright, and also has an important investment in its affiliate, California Nanotechnologies Corp. The Company has been generating strong financial metrics. All this leads to the pursuit of many options to enhance Omni-Lite's position in the marketplace."
Omni-Lite Industries Canada Inc. is a rapidly growing high technology company that develops and manufactures precision components utilized by Fortune 500 companies including Boeing, Airbus, Bombardier, Embraer, Alcoa, Ford, Borg Warner, Chrysler, the U.S. Military, and Nike.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Omni-Lite Industries Canada Inc.
For further information: Mr. Tim Wang, CFO, Tel. No. (562) 404-8510 or (800) 577-6664, Fax. No. (562) 926-6913, email: email@example.com