- New bookings of over $916,000 US
- Key military program passes performance tests
- Omni-Lite developing forging system to operate at elevated temperatures
LOS ANGELES, Nov. 30, 2016 /PRNewswire/ - Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") is pleased to announce new sales orders of over $916,000 US. Of these orders, 50% are in the Specialty Automotive division, 45% are in the Aerospace division, and 5% are in the Sports and Recreational division. This brings the total value of the new orders announced in 2016 to over $7.7 million US or approximately $10.4 million CDN, at the exchange rate of November 29, 2016. "Particularly important, the Company has received notice from a large military customer, that a key product developed in a critical program has passed the live fire performance tests required before a contract can be awarded and production can begin," stated Allen W. Maxin, President.
"To open new markets and drive growth well into the future, the company has begun a large scale development program to convert one of its existing multi-station forming machines into a system that operates at elevated temperatures. This will facilitate the forging of the super materials of the future," stated Mike Walker, VP of R and D. "This market is growing quickly as modern aircraft, automobiles, and other transportation systems demand lighter and stronger components in their design."
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 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.
SOURCE Omni-Lite Industries Canada Inc.