♦New bookings of over $781,000 US
♦New patent for key manufacturing process
CERRITOS, CA, April 5, 2016 /PRNewswire/ - 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.