Omni-Lite Industries Canada Completes Previously Announced Acquisition of Monzite Corporation and Appoints David Robbins as a...
September 24 2018 - 7:30AM
Omni-Lite Industries Canada Inc. (“Omni-Lite” or the “Company”)
(TSXV: OML; OTCQX: OLNCF) is pleased to announce today the
completion of its previously announced acquisition of Monzite
Corporation (“Monzite”). Concurrent with the closing of the
transaction, David Robbins, CEO of Omni-Lite, has joined the
Company’s Board of Directors.
Pursuant to the terms of the definitive
agreement (the “Merger Agreement”), Omni-Lite acquired 100% of the
shares of Monzite common stock through a merger transaction and the
extinguishment of Monzite’s outstanding debt, subject to certain
customary adjustment at closing. Shareholders of Monzite
received 1,225,000 shares of Omni-Lite common stock, subject to
certain provisions, in exchange for 100% of the outstanding shares
of common stock of Monzite, and certain Monzite management members
and directors were awarded 1,200,000 warrants (the
“Warrants”). The Warrants are allocated among six (6)
tranches with each tranche having specified number of Warrants,
strike price, and vesting provisions. The strike prices range
from C$1.13 to C$2.26 and each tranche will have time and
performance vesting provisions, subject to change-in-control,
clawback and other customary provisions, and have a eight year term
and vest over a period of no less than three years.
“We’re enthusiastic about the completion of this
strategic transaction and welcome the Monzite team to the Omni-Lite
family. With David Robbins and Carl Lueders joining the
Company in late August 2018 as CEO and CFO, respectively, we have
begun in earnest the seamless integration of our respective talents
and capabilities, and we are confident that David will be
instrumental in driving revenue and earnings growth and creating
long-term shareholder value,” said Chuck Samkoff, on behalf of the
Board of Directors of Omni-Lite.
Omni-Lite Industries Canada Inc. is incorporated
under the laws of Alberta and its head office is located at 900,
715-10th Avenue SW, Calgary, Alberta, T2R 0A8. The principle
business of Omni-Lite is the manufacturing of specialized
components for the aerospace, defense, automotive, and industrial
sectors.
Omni-Lite 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. Chuck SamkoffMr. Roger DentMr. David
RobbinsTel. No. (562) 404-8510 or (800) 577-6664Fax. No.
(562) 926-6913, email: d.robbins@omni-lite.comWebsite:
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: the
ability to successfully integrate the Monzite acquisition; 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.
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