OMNI-LITE INDUSTRIES ANNOUNCES DEBT REPAYMENT FROM CALIFORNIA NANOTECHNOLOGIES
18 Novembre 2024 - 10:00PM
Omni-Lite Industries Canada Inc. (the "Company" “Omni-Lite”; TSXV:
OML) today is reporting that California Nanotechnologies Corp.
(“Cal Nano”; TSXV: CNO) has fully paid off the outstanding debt
owed to the Company aggregating approximately US$600,000, comprised
of principal and interest related to the loan and promissory note
previously advanced to Cal Nano. Accordingly, the debt repayment
will result in an increase to the Company’s cash position, a
corresponding reduction, or extinguishment, in the carrying value
of the outstanding debt receivable, along with a one-time gain, or
to “Other Income” of approximately US$200,000. Additionally, the
Company has realized cash proceeds from the recent sale of
approximately 230,000 shares of Cal Nano common stock, which will
result in an additional increase in cash in the fiscal fourth
quarter 2024.
David Robbins, Omni-Lite’s CEO, stated “Having
Cal Nano retire this loan obligation in advance of agreed payment
terms is welcomed as well as we build out our capital resources to
deploy to our own growth initiatives."
About Omni-Lite Industries Canada Inc.
Omni-Lite Industries Canada Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace and defense industries.
For further information, please contact:
Mr. David Robbins Chief Executive Officer Tel. No. (562)
404-8510 or (800) 577-6664 Email: d.robbins@omni-lite.com
Website: www.omni-lite.com
Forward Looking Statements
Except for statements of historical fact, this
news release contains certain “forward-looking information” within
the meaning of applicable securities law. Forward-looking
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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
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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
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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 consents and approvals, if and when required; 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
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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
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of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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