|By PR Newswire||
|April 14, 2014 01:36 PM EDT||
OMNI-LITE INDUSTRIES CANADA INC.
CERRITOS, CA, April 14, 2014 /CNW/ - Omni-Lite Industries Canada Inc. is pleased to announce that revenue for the first quarter of 2014 was approximately $1,365,643 US ($1,510,000 CAD). In US dollar terms, this represents an increase of approximately 29 percent over revenue in the first quarter of 2013.
"This increase in quarterly revenue was primarily due to increased sales in the Aerospace and Automotive divisions," stated Allen Maxin, President. "In another positive development, the Company is now beginning to manufacture the components required for the military projects announced last month. These projects are scheduled to be substantially completed in the second quarter."
Omni-Lite Industries is also pleased to announce approximately $382,000 US ($422,400 CAD) in new orders that include three divisions of the Company. Of these new orders, 56 percent are in the Aerospace Division, 30 percent are in the Specialty Automotive Division and 14 percent are in the Sports and Recreation division.
To meet the forecast demand for an automotive component now utilized on approximately 30 percent of the vehicles produced in North America, the Company has recently doubled the production quantities of this critical brake part. The total number of these components is scheduled to exceed 20,000,000 parts per year. This contract is expected to continue until approximately 2017.
The Company would like to note two significant accomplishments in the development of its green diesel program. The first would be the commercialization of a new component utilized by two major OEM's in the agricultural and off road construction industries. The second development would be a new level of success in the preparation and utilization of one of the most difficult materials found in the cold forging industry. "If the success in this second program continues, three years of development could lead to significant additional benefits for Omni-Lite," stated David Grant, CEO.
Omni-Lite Industries is also pleased to note that it has been awarded the Foreign Direct Investment Award for 2014, as part of World Trade Week, an initiative of the LA Chamber of Commerce. This award represents the significant contributions that Omni-Lite has made to trade in the Los Angeles area. In 2013, the Company was also featured in a brochure prepared by the Canadian Consulate in Los Angeles. This brochure was circulated throughout the United States to illustrate the significant contribution that Canadian companies make to the US economy.
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.