- Shareholders Voted in Favor of All Proposals by a Substantial Majority
- FY2017 Book-to-Bill Ratio of 1.03 Yields Backlog for 2018
- Recent Contract Awards of US$ 1.2 million for Military Small Munition and Commercial Aerospace Fastener Applications
- FY2017 Revenues of US$ 6.5 million
- Repurchased 353,600 Common Shares Under Normal Course Issuer Bid
LOS ANGELES, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to announce the voting results from its Annual and Special Meeting of Shareholders held February 15, 2018 in Calgary, AB. Based on the approximately 4.0 million common shares voted in connection with the meeting, shareholders voted in favor of all items of business, including the election director nominees, by a substantial majority as follows:
- Nominated Roger Dent (99.7%); Charles Samkoff (99.7%); and Patrick Hutchins (99.8%)
- Appointment of MNP LLP as auditors (99.9%)
- Re-affirmation of the Company's 10% rolling stock option plan (98.9%)
- Approval and ratification of changes to the Company’s bylaws (98.6%)
Total bookings for fiscal year 2017 were US$ 6.7 million, yielding a book-to-bill ratio of 1.03 for the fiscal year. The Company’s fiscal 2017 revenues were US$ 6.5 million, compared to US$ 7.2 million in fiscal 2016. The Company continues to allocate its resources toward the higher margin aerospace and military market segments, as these segments represented approximately 60% of revenues in the first half of fiscal 2017 compared to approximately 55% in the year ago period. Additionally, since the beginning of fiscal 2017, the Company has purchased for cancellation of 353,600 common shares of the Company, representing 3.4% of the issued and outstanding shares pursuant to the Normal Course Issuer Bid approved by the TSX Venture Exchange.
The Company is also pleased to announce it has received new contract orders worth in excess of US$ 1.9 million since our last press release on December 1, 2017, including an award from a leading defense contractor for a critical, highly-engineered component for integration into a major U.S. defense small munition system. The order was booked in the latter half of the Company’s fourth quarter of fiscal 2017 and shipments have commenced during our current fiscal quarter.
“This brings the total value of the new orders announced for the last twelve months through January 2018 to approximately US$ 7.8 million, representing at today's exchange rate, approximately CDN$ 9.7 million,” stated Allen W. Maxin, President. “Receiving this new order in support of one of our nation’s major small munition programs underscores the Company’s commitment to delivering complex, high performance components that ensures the success of our valued customer and our military service personnel in an ever-evolving threat environment.”
Of particular importance, the Company recently received from Arconic Fastening Systems (AFS) a perfect supplier score for the 2017 fourth quarter that recognized Omni-Lite’s performance for both quality and delivery. "The continuation of our high supplier ratings achieved from Arconic is a testament to the Company’s unwavering commitment to customer performance and pursuit of deepening relationship with Arconic. This is leading to an increasing share of AFS’ component product requirements for Omni-Lite," stated Joseph Hachadoorian, Vice President of Business Development.
In addition, “the Company has successfully secured 9 new development contracts from a large Aerospace customer within the last 60 days and is currently in production for these new products,” stated Michael Walker, Vice President of R&D. “These products are part of a large family of aerospace components that include up to twenty different variants. The Company continues to focus on this program due to its potential size and contribution to future revenues.”
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, Arconic, 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.
For further information, please contact:
Mr. Allen Maxin, President
Tel. No. (562) 404-8510 or (800) 577-6664
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.