♦New bookings of over $781,000 US
♦New patent for key
manufacturing process
CERRITOS, CA, April 5, 2016 /CNW/ - Omni-Lite Industries
Canada Inc. (the "Company") (TSXV:OML; OTCQX:OLNCF) is pleased to
note that it has received new contracts in the amount of
$781,043 US. Of these orders,
approximately 63% are in the Aerospace division, 30% are in the
Specialty Automotive division, and 7% are in the Sports and
Recreational division. This brings the total value of new
orders announced in the last two months to $2,521,849 US. Of these 61% are in the
Aerospace division, 35% are in the Specialty Automotive division
and 4% are in the Sports and Recreational division. At the US to
CAD currency exchange rate of April 4,
2016, these orders are valued at approximately $3,280,540 CAD.
"The Company has received close to $1,500,000 US in new orders in the Aerospace
division in the last two months," stated Allen Maxin, President. "Omni-Lite's
multifaceted support of the aerospace industry is gaining traction
as the Company continues to develop mission critical components
utilized on most of the aircraft currently being
manufactured. To continue this growth in this expanding
industry, Omni-Lite is in the final stages of negotiating another
long term contract with a major tier one aerospace customer.
These long term contracts potentially contribute
significantly to the backlog of the Company, which is now
approximately twice what it was at the start of 2015. The
Company continues to maintain a book to bill ratio well in excess
of 1.5."
The Company is also pleased to note that it has received the
final notification from the US Patent Office accepting 12 of the
Company's claims for a new patent that is key to manufacturing
increasingly complex components at Omni-Lite. The Company has made
this significant and expensive modification to seven of the cold
forging systems in the Cerritos
facility, including the sophisticated seven die system commissioned
in October of 2015. Due to the extent of these changes, these
modifications were completed in Japan, at the location of Omni-Lite's OEM
equipment supplier.
"The continued growth in the backlog provides additional
visibility on the future revenues and financial performance of the
Company," stated David Grant,
Founder, CEO and Chairman of the Board. "The additional long
term contracts currently in negotiation could further enhance the
Company's financial performance."
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, 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.