- Development of a new family of aerospace components for a major customer
- First aerospace production run for hot forging system
LOS ANGELES, June 21, 2017 (GLOBE NEWSWIRE) — Omni-Lite Industries Canada Inc. (TSXV:OML) (OTCQX:OLNCF) (the “Company” or “Omni-Lite”) is pleased to announce that the aerospace division of the Company is continuing to grow with an additional development order announced on May 30, 2017. “This is the second order for this family of components that the company has received in the last three weeks,” stated Vern Brown, Manufacturing Manager. “Of particular significance, the company has been notified that it will be receiving orders for several other components in this line over the next month.” These components offer critical features for the new robotic assembly systems being developed for all modern aircraft. In another milestone for Omni-Lite, this is the first time the Company has manufactured all the metal subcomponents of a multipart aerospace fastener. With this advancement, the customer will basically be assembling and conducting final quality tests on the completed product. This attests to the strategic influence and presence that the company is gaining in the Aerospace Industry.
The Company is also pleased to announce that several customers are continuing to evaluate the first Ti 6Al-4V component produced on the hot forming test center at Omni-Lite. It is expected that the qualification of these Titanium components will take several months. During this period, the Company has begun the setup of a new aerospace component manufactured from 17-4 stainless steel. It is anticipated that this will be the first hot forging production run on this $900,000 US system. These products are scheduled to be delivered to the customer next month. “This program will further demonstrate the flexibility built into the test center,” stated Michael Walker, VP of R and D. “If things continue as planned the Company could convert several of it’s existing cold forging systems to duplicate the hot forging characteristics of the test center.”
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.
For further information, please contact
Mr. David Grant, CEO
Tel. No. (562) 404-8510 or (800) 577-6664
Cell. No. (714) 757-8863
Email: [email protected]
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.