dcsimg
Home > Market Activity > Get Quotes > News > News Article

Omni-Lite Industries Canada Inc.

Exchange: TSXV Exchange | Feb 24, 2017, 4:25 PM EST

OML
$ 1.52 Change Up
Change:
0.02 (1.33%)
Volume:
9,500

Day Low 1.48
Day High 1.52


 Back
,
Omni-Lite Announces New Orders and Progress on Conversion of Forging System to Operate at Elevated Temperatures

- New bookings of over $1.0 Million US - Revenue for fiscal 2016 approximately $7.2 Million US - Production rises 8% in 2016, to a record 110 Million components - Omni-Lite nears completion of forging system to operate at elevated temperatures with sights on Aerospace Titanium Components

LOS ANGELES, CALIFORNIA--(Marketwired - Feb. 6, 2017) - Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSX VENTURE:OML)(OTCQX:OLNCF) is pleased to announce new sales orders of $1,004,550 US. Of these orders 54% are in the Aerospace division, 41% are in the Specialty Automotive division, and 5% are in the Sports and Recreational division. "Particularly important, are the large aerospace and automotive orders and positive market indications that the company has been receiving," stated Allen W. Maxin, President. "In addition, revenues in the first quarter will be positively impacted as deliveries on the military contract announced last year have restarted as of the first of the year."

"The Company is continuing the significant investment to modify one it's 35 progressive cold forging systems to operate at elevated temperatures. It is anticipated that the first tests of this system on aerospace titanium will begin approximately March 15, 2017. To complete the system as designed, the company is waiting for a custom build control system to arrive from Germany," stated Mike Walker, VP of R and D. "This unique monitoring system will allow the precision control of temperatures and strain during the forming process, a critical step in providing the highest quality components to this new and expanding marketplace."

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.

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.

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.

Omni-Lite Industries Canada Inc.
Mr. Mikel Damke
Executive Assistant to the CEO
(403) 660-7770
m.damke@omni-lite.com

Omni-Lite Industries Canada Inc.
Mr. David Grant
CEO
(562) 404-8510 or (800) 577-6664
d.grant@omni-lite.com
www.omni-lite.com

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.