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 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.
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