CERRITOS, CA, May 2, 2012 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that it has received a contract for a new program further supporting the family of projects that it has underway for a large U.S. Military customer.
"This contract, the scope of which covers both the product development costs and an initial production run, demonstrates the continued confidence this customer has in Omni-Lite's engineering capabilities," stated Allen W. Maxin, President.
Omni-Lite Industries is also pleased to announce that it has received several other new orders since the last press release of April 5, 2012. Including the military order mentioned above, the total value of these orders is approximately $445,000 US. Of these new orders approximately 50 percent are in the Specialty Automotive division, 38 percent are in the Aerospace division, 6 percent are in the Sports and Recreation division and 6 percent are in the Military division.
Omni-Lite Industries Canada Inc. is pleased to announce that the Board of Directors have approved a dividend of two cents (CAD) per share for shareholders of Omni-Lite's Common Class A shares of record on May 22, 2012. The dividend is payable on May 29, 2012.
"After reviewing the Company's progress on the many projects in the pipeline, the Board of Directors would like to announce a continuation of the dividend program initiated in 2010. As the Company continues to successfully execute its Vision 2015 plan of growth and development, one of the key benefits will be a focus on enhanced shareholder value. Given the financial performance of the Company overall and a review of the large prospects on the horizon, the Board is pleased to offer our investors a cash return on their investment in Omni-Lite," stated David F. Grant, CEO and Chairman of the Board. "The Management and staff of the Company are proud to have attained a level of success where a dividend can continue to be a component of the value attached to the stock of the Company."
The Board of Directors will continue to review the Company's dividend policy on a semi-annual basis.
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 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.
For further information:
Mr. Tom Peterson, Investor Relations Manager
Tel. No. (562) 404-8510 x104 or (800) 577-6664 (Canada and USA)
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