- Backlog increases to $11.1
million US
TSXV: OML
OTCQX: OLNCF
LOS ANGELES, CA, Aug. 12, 2016 /CNW/ - Omni-Lite Industries
Canada Inc. (the "Company" or "Omni-Lite") is pleased to announce
that it has received a new $4.8
million US, three-year contract from a major aerospace
customer. At today's conversion rate this contract would be valued
at approximately $6.3 million CDN.
Additional value could accrue to this program as the contract can
be amended to include new components at any time during the
contract term. "This contract increases the Company's current
backlog to $11.1 million US," stated
Tim Leybold, CFO. "The contract also
significantly improves the Company's revenue visibility over the
next several years."
"This contract is the second multi-year aerospace contract
signed in the last six months and represents a tremendous vote of
confidence in the state-of-the-art engineering and manufacturing
facility that the Company has built in Southern California. The total of both these
contracts is almost $7.9 million US
or $10.2 million CDN," stated
Allen Maxin, President. "The
aerospace industry is expected to show significant growth over the
next decade. The Company has made a major long-term effort to be an
important contributor in this industry."
We seek Safe Harbor.
Omni-Lite Industries Canada Inc. is a rapidly growing high
technology company that develops and manufactures mission critical,
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.