LOS ANGELES, CA, Sept. 7, 2016 /PRNewswire/ - Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to announce new sales orders of $664,320 US. Of these orders, 58% are in the Aerospace division, 35% are in the Specialty Automotive division, and 7% are in the Sports and Recreational division. "This brings the total value of the new orders announced in 2016 to over $6.3 million US, or approximately $8.1 million CDN at the exchange rate of September 6, 2016. Equally important, for the year to date, the Company had a book-to-bill ratio in excess of 1.2 on August 31, 2016," stated Allen W. Maxin, President. "We are also expecting to undertake a new first article review with the US military in October. This is a critical step to obtaining a production order for this product."
Omni-Lite is also pleased to report that it has repurchased 529,900 common shares at a weighted average price of approximately $1.64 CDN per share, since the current Normal Course Issuer Bid ("NCIB") was approved by the TSX Venture Exchange on May 25, 2016. "In the last three months, the Company has repurchased almost 5% of the issued and outstanding common shares. Upon cancellation of these shares, the Company will have approximately 10,624,720 shares outstanding," stated Timothy P. Leybold, CFO. "The continued execution of the NCIB program should provide significant value to shareholders, while still allowing the Company to make investments in the engineering and manufacturing infrastructure required for the specialized business of delivering mission critical components to our customers."
The Company also notes that on August 29, 2016, Taglich Brothers, Inc. released an updated Research Report on Omni-Lite. This report can be found on the Company's website or at www.taglichbrothers.com.
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, 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.
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.