Omni-Lite Industries Canada Receives New Follow-On Order in Support of Major US Defense Program
-- New Military Contract Valued in Excess of US$850,000 -- Company Reports Year-to-Date Bookings in Excess of US$4.2 million, a 19% increase over prior year period -- Year-to-Date Book-to-Bill Ratio Exceeding 1.3
LOS ANGELES, July 30, 2018 (GLOBE NEWSWIRE) -- Omni-Lite Industries Canada Inc. (the “Company”) (TSX-V:OML) (OTCQX:OLNCF) is pleased to announce today that it received a new follow-on order valued in excess of US$850,000 from one of its long-standing US defense customers in support of a multi-year, strategic US military program. Including this recent order, the Company has received new contract orders valued in excess of US$1.6 million since our last press release on May 20, 2018. Of these orders, 25% are in the Aerospace segment, 53% are in the Military segment, and 22% from our Specialty Automotive and Sports and Recreational segments. “This brings our year-to-date value of the new orders announced to over US$4.2 million,” stated Allen W. Maxin, President. “At today’s exchange rate this would be equivalent to approximately CDN$5.5 million.”
“Equally important, the Company’s year-to-date book-to-bill ratio equated to excess of 1.3, and our aggregated bookings over this time period represented a 19% increase over our bookings from the comparable year ago period,” stated Joe Hachadoorian, V.P. Business Development and Sales. “Additionally, we are also expecting to submit a new hot forged titanium component for first article review for a new Aerospace customer this week, which is a critical step toward securing a high-volume production order for this product.”
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.
For further information, please contact:
Mr. Allen MaxinTel. No. (562) 404-8510 or (800) 577-6664Fax. No. (562) 926-6913, email: firstname.lastname@example.orgWebsite: www.omni-Iite.com
Reader Advisory 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.