ROCHESTER, N.Y., May 12, 2023
/PRNewswire/ -- Syntec Optics, Inc. ("Syntec Optics") has entered
into a definitive business combination agreement with OmniLit
Acquisition Corp. (Nasdaq: OLIT), (or "OmniLit"); upon or following
closing, OmniLit will be renamed Syntec Optics Holdings, Inc. and
listed on Nasdaq under the new ticker OPTX.
The board of directors and the special committee of independent
directors of OmniLit unanimously approved the transactions
contemplated by that certain Agreement and Plan of Merger, dated
May 9, 2023, (as it may be amended,
supplemented or otherwise modified from time to time).
Since OmniLit's IPO on November 12,
2021, optics and photonics focused OmniLit issued one
Indication of Interest, issued and pursued seven Letters of Intent,
signed two Letters of Intent for a potential merger, and signed and
entered into one Business Combination Agreement with Syntec Optics.
A business combination with Syntec Optics is not conditioned on any
cash at close, due to Syntec Optics being cash flow positive for
over two decades, prior investments to support organic growth, and
no cash distribution requirements to Syntec Optics stockholders at
closing.
Syntec Optics was formed more than two decades ago from the
aggregation of three advanced manufacturing companies that were
started in the 1980s. Syntec Optics' mission is to provide a
U.S.-based scalable unifying platform of optics and photonics
manufacturing that keeps American soldiers from harm's way, offers
doctors technology tools for patient care, and delivers
photonics-enabled consumer precision. The end-markets it serves,
defense, biomedical, and consumer, are well-established and
believed to be acyclical. Syntec Optics has created a competitive
advantage through advanced manufacturing vertical and horizontal
integration, and it participates mostly in mission critical
applications that have long product cycles. Syntec Optics plans to
enter new end-markets and add to its current U.S.-based process of
making thin-film coated glass, crystal, or polymer components and
their housings, which are ultimately assembled into high
performance hybrid electro-optics sub-systems. Reduction of weight
is very important for the well-being of soldiers. Syntec Optics'
added biocompatibility is critical for biomedical applications, and
its overall precision plays a role in safety and efficiency in
other end-markets.
"Syntec Optics is excited to become listed on Nasdaq, subject to
listing approval, and have the ability to serve its customers
better with added opportunity to expand advanced manufacturing
operations," said Joe Mohr, CEO of
Syntec Optics.
"OmniLit saw great potential in Syntec Optics and believes that
the business combination will allow them to execute on the
opportunities they see in the light-enabled marketplace that has
grown to be 11% of the global economy," said Robert O. Nelson II, CFO of OmniLit.
Syntec Optics is an affiliate of OmniLit, with Al Kapoor, who serves as OmniLit's Chief
Executive Officer and Chairman, also being the Chairman and
majority stockholder of Syntec Optics. Both OmniLit and Syntec
Optics followed the process outlined in the Form S-4 filed with the
SEC and each company's respective charter.
About OmniLit Acquisition Corp.
OmniLit Acquisition Corp. (OmniLit) is a blank check company
concentrated on identifying high quality businesses with optics and
photonics capabilities for a business combination.
About Syntec Optics
Syntec Optics was formed more than two decades ago from an
aggregation of three advanced manufacturing companies that were
started in the 1980s. Syntec Optics mission is to provide a
U.S.-based scalable unifying platform of optics and photonics
manufacturing that keeps American soldiers from harm's way, offers
doctors technology tools for patient care, and delivers photonics
enabled precision to several other end-markets.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements. All statements other than statements of
historical fact, including statements as to the transactions
contemplated by the business combination, future results of
operations and financial position, revenue and other metrics,
planned products and services, business strategy and plans,
objectives of management for future operations of Syntec Optics,
market size and growth opportunities, competitive position and
technological and market trends, are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including "may," "should," "expect,"
"intend," "will," "estimate," "anticipate," "believe," "predict,"
"plan," "targets," "projects," "could," "would," "continue,"
"forecast" or the negatives of these terms or variations of them or
similar expressions. All forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the control of Syntec Optics) which could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by Syntec Optics and its management, are
inherently uncertain and many factors may cause the actual results
to differ materially from current expectations which include, but
are not limited to statements with respect to OmniLit's search for
an initial business combination and OmniLit's ability to enter into
a business combination agreement with a counterparty, the risk that
the transaction may not be completed, and the other risks and
uncertainties set forth in the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements" in OmniLit's
Form S-4 (File No. 333-266273) filed with the SEC. Copies are
available on the SEC's website, www.sec.gov. Syntec Optics
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact:
Joe Mohr
Chief Executive Officer
info@syntecoptics.com
www.syntecoptics.com
Skylar Jacobs
Chief Operating Officer
info@omnilitac.com
www.omnilitac.com
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SOURCE SYNTEC OPTICS