Omni-Lite Announces Several New Orders in the Aerospace Division and Successful First Production Run From Hot Forging Test Ce...
August 01 2017 - 8:30AM
Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”)
(TSX-V:OML) (OTCQX:OLNCF) is pleased to announce that the aerospace
division of the Company is continuing to grow with two additional
development orders. "These orders complement the family of parts
mentioned in the two previous press releases. In a review conducted
with the customer last week, Omni-Lite was informed that the
previous components submitted for assembly and approval had
successfully passed all initial tests. It is anticipated that
production of these components could begin as early as September of
this year," stated Allen Maxin, President. "Given the accelerating
growth prospects of the Company, Omni-Lite has hired a
Vice-President of Business Development and Sales to quickly extend
the Company's outreach. Mr. Joseph Hachadoorian, who has 37 years
experience in the aerospace industry, begins on August 7, 2017."
Of particular significance, the Company
delivered its first production order from the hot heading test bed
in late June. "Given this success, Omni-Lite has committed to the
development of two additional hot heading systems,“ stated Michael
Walker, VP of R and D. "The fact that these systems can operate at
a wide range of temperatures, on a broad range of materials, bodes
well for the future growth of the Company."
Omni-Lite is also pleased to note that it has
received new contracts worth $464,951 US. Of these orders 17% are
in the Aerospace division, 49% are in the Sports and Recreation
division, and 34% are in the Specialty Automotive division. This
brings the total value of the new orders announced this year to
over $3,734,000 US or $4,645,000 CAD at the exchange rate on July
31, 2017.
The company is pleased to note that revenue in
the first six months of the year was approximately $3,479,044 US
versus $3,595,132 US in 2016.
Omni-Lite Industries Canada Inc. is a rapidly
growing high technology company that develops and manufactures
mission critical, precision components utilized by Fortune 100
companies including Boeing, Airbus, Bombardier, Embraer, Alcoa,
Ford, Borg Warner, Chrysler, John Deere, the U.S. Military and
Nike.
For further information, please
contact
Mr. David Grant, CEOTel. No. (562)
404-8510 or (800) 577-6664 Cell. No. (714) 757-8863Email:
d.grant@omni-lite.com
Website: www.omni-lite.com
Reader Advisory
Except for statements of historical fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. In particular, forward-looking
information in this press release includes, but is not limited to
the expected future performance of the Company. Although we believe
that the expectations reflected in the forward-looking information
are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including
environmental regulation; unanticipated operating events or
performance; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; competition for, among other things, capital, skilled
personnel and supplies; changes in tax laws; and the other risk
factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
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Regulation Services Provider (as that term is defined in policies
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adequacy or accuracy of this release.
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