OMNI-LITE INDUSTRIES RECEIVES ACCELERATED DEBT AMORTIZATION PAYMENT FROM CALIFORNIA NANOTECHNOLOGIES CORP.
LOS ANGELES, CALIFORNIA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Omni-Lite Industries Inc. (TSXV: OML; the "Company" or “Omni-Lite”), a designer and manufacturer of precision high performance components for Aerospace & Defense, Transportation, and Communication markets is pleased to announce it received a loan (principal) payment in the amount of US$120,000 from California Nanotechnologies Corp. (“CalNano”), in connection with an outstanding loan previously made by Omni-Lite. This principal payment represents, in the aggregate, twelve (12) months of mandatory amortization payments covering the period March 30, 2023 to February 29, 2024. Certain terms of this loan agreement were amended, effective May 24, 2022, and accordingly, CalNano has been making monthly cash interest payments on the loan since June 1, 2022 and the Company expects the continued remittances of cash interest by CalNano in accordance with the terms of the amended loan agreement.
David Robbins, CEO, commented, “This principal payment demonstrates CalNano’s continuing positive momentum in its financial and operating performance and we expect them to be able to continue to satisfy their contractual obligations under this loan agreement. We look forward to continuing to work with CalNano as they continue to grow and execute against its strategic plan.”
“We also note that Omni-Lite fully reserved, or wrote down, the outstanding loan to nil in Fiscal Year 2019 due, in large part, to the uncertainty relating to its collectability. The Company expects to evaluate and assess its accounting treatment for this loan in the future. Prior to this repayment, the outstanding balance owing to Omni-Lite under this loan agreement was approximately US$1.2 million.”
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
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