Contract Win Reinforces the Company's Significant Technological Capabilities and Validates the Ability of the Company to Support Large Complex Programs and Major Customers
CERRITOS, CA, Nov. 26, 2014 /CNW/ - Omni-Lite Industries Canada Inc. (TSXV: OML) is pleased to announce that it has been awarded several production contracts, valued in excess of $2,234,000 US ($2,519,000 CAD), from a leading U.S. Department of Defense (DoD) prime contractor. These contracts are for the supply of two critical components in support of the U.S. Army's Enhanced Performance Round Program (formally known as the Green Round Program). These contract awards represent the largest group of orders received by the Company in its history, exceeding any previous customer commitment by a factor of at least three (3x).
This program will contribute sales of approximately $186,000 US ($209,000 CAD) per month or $558,000 US ($629,000 CAD) per quarter to the Company's revenue stream. Product deliveries will begin in December 2014.
"The successful award of this project to Omni-Lite is the result of a significant commitment over the last several years by our customer and the dedicated efforts of our talented and diverse team of employees. This commitment continues as the Company has been funded to complete the development of another critical component in this program," stated Allen W. Maxin, President. "Of importance, the Company has delivered significant quantities of one of the production contracted components mentioned above to an additional new military customer."
This significant military order was received amidst other orders in the Aerospace, Specialty Automotive and Sports and Recreation divisions of Omni-Lite. The total value of the orders mentioned in this press release is approximately $2,471,072 US ($2,787,000 CAD). Of these orders, approximately 90% are in the Military division, 6% are in the Aerospace division, 3% are in the Specialty Automotive division and 1% is in the Sports and Recreation division.
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.
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 (Canada and USA)
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