Defense Stock News: Omni-Lite (TSX VENTURE: $OML)(OTCQX: $OLNCF) Announces New Military Orders and Progress on Development Program to Produce Aerospace Components From Titanium
- New bookings of over $1,802,000 US
- Revenue for Q1 2017 approximately $1,713,000 US, up 16%
- Backlog stands at approximately $9,000,000 US and Book to Bill YTD over 1.5
- Omni-Lite produces first partial component from Aerospace Titanium
LOS ANGELES, CALIFORNIA - April 11, 2017 (Investorideas.com Newswire) Omni-Lite Industries Canada Inc. (the "Company" or "Omni-Lite") (TSX VENTURE:OML)(OTCQX:OLNCF) is pleased to announce new sales orders of over $1,802,000 US. Of these orders, 57% are in the Military division, 26% are in the Aerospace division, 11% are in the Specialty Automotive division, and 6% are in the Sports and Recreational division. "The most significant portion of these orders are new military contracts which represent another extension of a program that began in Nov 2014. This is the third set of orders in this program," stated Allen W. Maxin, President. "This brings the total value of the new orders announced this year to approximately $2,806,550 US or $3,744,000 CDN at the conversion rate of April 10, 2017."
The company is also pleased to announce that revenues in the first quarter were approximately $1,713,000 US, an increase of 16% from revenues in the first quarter of 2016. As of today, the company's backlog stands at approximately $9,000,000 US and the book to bill ratio YTD is over 1.5.
"The Company is continuing its significant investment in converting one of its cold forging systems to support the hot heading of titanium and other super alloys. The company produced its first partial component from 6-4 aerospace titanium on April 4, 2017," stated Mike Walker, VP of R and D. "This is a critical step in providing higher valued components to this new and expanding marketplace."
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.
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Omni-Lite Industries Canada Inc.
Mr. Mikel Damke
Executive Assistant to the CEO
Omni-Lite Industries Canada Inc.
Mr. David Grant
(562) 404-8510 or (800) 577-6664
Cell. No. (714) 757-8863
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