- Revenues increase by 25% in first four months of
2015
- Production output increases 37% in first four
months
- Omni-Lite receives large forging system back from
Japan
- US$577,413 in new contracts
announced
CERRITOS, CA, May 26, 2015 /CNW/ - Omni-Lite Industries Canada
Inc. (the "Company") (TSXV: OML) is pleased to note that it has
recently signed a long-term Letter of Agreement with an existing
automotive customer. It is the intention of both parties to
complete a Strategic Alliance Agreement detailing this arrangement
by June 20, 2015. This program could
ultimately include the development of several products and could
include new intellectual property that would be shared by the
parties. As such, the agreement will extend over the life of the
patent(s), which would be approximately 20 years. "This program
represents a significant development for Omni-Lite as it highlights
the point that major customers are now willing to develop long-term
product development and supply agreements with the Company," stated
Allen W. Maxin, president. "Under
this agreement the first products will be provided by August this
year. The production ramp up is anticipated to continue through
2015 and 2016."
The Company is also pleased to note that it has received new
contracts in the amount of US$577,413. Of these orders, approximately
46% are in the Aerospace division, 39% are in the Specialty
Automotive division and 15% are in the Sports and Recreation
division.
The Company's revenues in the first four months of fiscal 2015
were approximately US$2,140,000. This
represents an increase of approximately 25% over revenues in the
first four months of 2014. Over the same period, the Company's
production output increased by approximately 37%. Of particular
significance, military sales grew from a very small base to become
29% of sales in the four month period.
"The Company has recently received the large forging system that
was sent back to Japan in November
last year," stated Michael Walker,
VP of R and D. "Quickly putting this machine back in service will
be critical to meeting the new demands from both the Aerospace and
Automotive Industries. Our production will again be enhanced when
we receive the new custom modified, seven station forging system
that is arriving in August of this year."
Omni-Lite Industries Canada Inc. is a rapidly growing high
technology company that develops and manufactures precision
components utilized by Fortune 500 companies including Boeing,
Airbus, Bombardier, Embraer, Alcoa, Ford, 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.
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.