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Omni-Lite Industries Canada Inc.

Exchange: TSXV Exchange | Jul 21, 2018, 7:35 AM EDT

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Omni-Lite Announces Several New Orders in the Aerospace Division and Successful First Production Run From Hot Forging Test Center
  • Two new development contracts in the aerospace division
  • First successful production run for hot forging system

LOS ANGELES, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”) (TSX-V:OML) (OTCQX:OLNCF) is pleased to announce that the aerospace division of the Company is continuing to grow with two additional development orders. "These orders complement the family of parts mentioned in the two previous press releases. In a review conducted with the customer last week, Omni-Lite was informed that the previous components submitted for assembly and approval had successfully passed all initial tests. It is anticipated that production of these components could begin as early as September of this year," stated Allen Maxin, President. "Given the accelerating growth prospects of the Company, Omni-Lite has hired a Vice-President of Business Development and Sales to quickly extend the Company's outreach. Mr. Joseph Hachadoorian, who has 37 years experience in the aerospace industry, begins on August 7, 2017."

Of particular significance, the Company delivered its first production order from the hot heading test bed in late June. "Given this success, Omni-Lite has committed to the development of two additional hot heading systems,“ stated Michael Walker, VP of R and D. "The fact that these systems can operate at a wide range of temperatures, on a broad range of materials, bodes well for the future growth of the Company."

Omni-Lite is also pleased to note that it has received new contracts worth $464,951 US. Of these orders 17% are in the Aerospace division, 49% are in the Sports and Recreation division, and 34% are in the Specialty Automotive division. This brings the total value of the new orders announced this year to over $3,734,000 US or $4,645,000 CAD at the exchange rate on July 31, 2017.

The company is pleased to note that revenue in the first six months of the year was approximately $3,479,044 US versus $3,595,132 US in 2016.

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.

For further information, please contact

Mr. David Grant, CEO
Tel. No.  (562) 404-8510 or (800) 577-6664 
Cell. No. (714) 757-8863
Email: d.grant@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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