Contract Win Reinforces the Company's Significant Technological
Capabilities and Validates the Ability of the Company to Support Large
Complex Programs and Major Customers
OML-TSX VENTURE
CERRITOS, CA, Nov. 26, 2014 /CNW/ - Omni-Lite Industries Canada Inc.
(TSXV: OML) is pleased to announce that it has been awarded several
production contracts, valued in excess of $2,234,000 US ($2,519,000
CAD), from a leading U.S. Department of Defense (DoD) prime
contractor. These contracts are for the supply of two critical
components in support of the U.S. Army's Enhanced Performance Round
Program (formally known as the Green Round Program). These contract
awards represent the largest group of orders received by the Company in
its history, exceeding any previous customer commitment by a factor of
at least three (3x).
This program will contribute sales of approximately $186,000 US
($209,000 CAD) per month or $558,000 US ($629,000 CAD) per quarter to
the Company's revenue stream. Product deliveries will begin in
December 2014.
"The successful award of this project to Omni-Lite is the result of a
significant commitment over the last several years by our customer and
the dedicated efforts of our talented and diverse team of employees.
This commitment continues as the Company has been funded to complete
the development of another critical component in this program," stated
Allen W. Maxin, President. "Of importance, the Company has delivered
significant quantities of one of the production contracted components
mentioned above to an additional new military customer."
This significant military order was received amidst other orders in the
Aerospace, Specialty Automotive and Sports and Recreation divisions of
Omni-Lite. The total value of the orders mentioned in this press
release is approximately $2,471,072 US ($2,787,000 CAD). Of these
orders, approximately 90% are in the Military division, 6% are in the
Aerospace division, 3% are in the Specialty Automotive division and 1%
is in the Sports and Recreation division.
Omni-Lite is a rapidly growing high technology company that develops and
manufactures precision components utilized by several Fortune 500
Companies including Boeing, Airbus, Alcoa, Ford, Caterpillar, Borg
Warner, Chrysler, the U.S. Military, Nike, and adidas.
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.
