Omni-Lite Industries Announces Voting Results From Annual and Special Meeting of Shareholders and Financial Highlights
February 20 2018 - 8:30AM
Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is
pleased to announce the voting results from its Annual and Special
Meeting of Shareholders held February 15, 2018 in Calgary,
AB. Based on the approximately 4.0 million common
shares voted in connection with the meeting, shareholders voted in
favor of all items of business, including the election director
nominees, by a substantial majority as follows:
- Nominated Roger Dent (99.7%); Charles Samkoff (99.7%); and
Patrick Hutchins (99.8%)
- Appointment of MNP LLP as auditors (99.9%)
- Re-affirmation of the Company's 10% rolling stock option plan
(98.9%)
- Approval and ratification of changes to the Company’s bylaws
(98.6%)
Total bookings for fiscal year 2017 were US$ 6.7
million, yielding a book-to-bill ratio of 1.03 for the fiscal
year. The Company’s fiscal 2017 revenues were US$ 6.5
million, compared to US$ 7.2 million in fiscal 2016. The
Company continues to allocate its resources toward the higher
margin aerospace and military market segments, as these segments
represented approximately 60% of revenues in the first half of
fiscal 2017 compared to approximately 55% in the year ago period.
Additionally, since the beginning of fiscal 2017, the Company
has purchased for cancellation of 353,600 common shares of the
Company, representing 3.4% of the issued and outstanding shares
pursuant to the Normal Course Issuer Bid approved by the TSX
Venture Exchange.
The Company is also pleased to announce it has
received new contract orders worth in excess of US$ 1.9 million
since our last press release on December 1, 2017, including an
award from a leading defense contractor for a critical,
highly-engineered component for integration into a major U.S.
defense small munition system. The order was booked in the
latter half of the Company’s fourth quarter of fiscal 2017 and
shipments have commenced during our current fiscal quarter.
“This brings the total value of the new orders
announced for the last twelve months through January 2018 to
approximately US$ 7.8 million, representing at today's exchange
rate, approximately CDN$ 9.7 million,” stated Allen W. Maxin,
President. “Receiving this new order in support of one of our
nation’s major small munition programs underscores the Company’s
commitment to delivering complex, high performance components that
ensures the success of our valued customer and our military service
personnel in an ever-evolving threat environment.”
Of particular importance, the Company recently
received from Arconic Fastening Systems (AFS) a perfect supplier
score for the 2017 fourth quarter that recognized Omni-Lite’s
performance for both quality and delivery. "The continuation of our
high supplier ratings achieved from Arconic is a testament to the
Company’s unwavering commitment to customer performance and pursuit
of deepening relationship with Arconic. This is leading to an
increasing share of AFS’ component product requirements for
Omni-Lite," stated Joseph Hachadoorian, Vice President of Business
Development.
In addition, “the Company has successfully
secured 9 new development contracts from a large Aerospace customer
within the last 60 days and is currently in production for these
new products,” stated Michael Walker, Vice President of R&D.
“These products are part of a large family of aerospace components
that include up to twenty different variants. The Company continues
to focus on this program due to its potential size and contribution
to future revenues.”
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, Arconic,
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.
For further information, please
contact:Mr. Allen Maxin, PresidentTel. No.
(562) 404-8510 or (800) 577-6664Email: a.maxin@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.
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.
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