– USA, CA – Omni-Lite Industries Canada Inc. (TSXV:OML / OTCQX:OLNCF) today announced that it has signed a definitive agreement to acquire Monzite Corporation, a private company based in Nashua, New Hampshire. Monzite manufactures multi-chip microelectronic components for aerospace, defense, industrial and medical applications.
Concurrent with execution of the definitive agreement, David Robbins, the CEO and principal shareholder of Monzite, has been appointed CEO of Omni-Lite. Mr. Robbins will also be nominated as a Director, taking effect as of the closing date of the acquisition. Further, Carl Lueders, Monzite’s CFO, has been appointed as CFO of Omni-Lite.
David Robbins is the co-founder and CEO of Monzite and the former CEO of Micronetics Inc., which was a publicly-owned aerospace and defense manufacturer prior to its acquisition by Mercury Systems in 2012. Mr. Robbins will bring his deep industry experience in defense and aerospace markets along with his significant public company leadership and management skills while working with the senior management team of Omni-Lite. Mr. Robbins’ mission will focus on strengthening and building the Omni-Lite platform, cultivating and enhancing existing and new customers and programs, both through organic and inorganic means. Carl Lueders is a co-founder and CFO of Monzite, and is a seasoned finance executive with 40 years of public and private company experience, including time as the CFO of Micronetics and at Pro-Pharmaceuticals, R.F. Morse & Son, and the Polaroid Corporation. Mr. Lueders will bring to Omni-Lite his full range of financial, operational and transactional expertise.
“David Robbins will be a valuable addition to our Company and leadership team, bringing his wealth of experience and strategic and operational insight gained through his management experiences spanning over 20 years in public and private company settings. By working directly with the leadership of both Omni-Lite and Monzite, and leveraging the combined platform, we are confident that David will be instrumental in driving revenue and earnings growth and creating long-term shareholder value. To emphasize commitment to this shared vision, David and his team will be receiving shares of Omni-Lite common stock in exchange for 100% of their ownership in Monzite and will become meaningful shareholders of the Company going forward” said Chuck Samkoff, on behalf of the Board of Directors of Omni-Lite.
In conjunction with the Monzite transaction, David Grant, the founder and long-time CEO of Omni-Lite, has retired as CEO of the Company. David Grant founded Omni-Lite in 1992, and through his leadership and unwavering dedication, developed a world class supplier of precision forgings to many Fortune 500 OEM manufacturers. It was through David’s vision that Omni-Lite became a leading provider of engineering and manufacturing services that has distinguished themselves within the market for mission critical components. In recognition of his very significant role in the creation of the Company, the Omni-Lite Board of Directors has honored David Grant as a Director Emeritus.
The Board of Directors, management and employees of Omni-Lite offer their gratitude to David for his many years of service to Omni-Lite and his many hours of hard work that have allowed the Company to achieve its many successes over the years.
Monzite is a value-add contract manufacturer of electronic components for high performance electronic sensors to the largest of the OEM system integrators serving the Defense, Aerospace, Medical, Industrial IoT, and Secure Communications markets. The combination of Omni-Lite and Monzite brings together the natural marriage of high-performance microelectronics and advanced materials where small size is a premium, strong product design manufactured to operate in harsh environments that must yield specialized performance. As a result, the Company will be able to take advantage of integrating miniature electronics with metal enclosure components including functional block performance as either a sensor or sensor component. The companies will be able to leverage its current relationships, market knowledge to expand cold metal forging capabilities into new industry verticals. Both companies address the same markets with complementary mission and capability: specialized performance, strong and durable solutions, and products built in volume at low cost.
Monzite business model of value added electronics manufacturing services and engineered electronic products have generated year-over-year double digit revenue growth, with revenue of US$1.5 million in the twelve-months ended June 30, 2018 (unaudited). Monzite targets margins similar to Omni-Lite while making significant investments in research and development (R&D) for product and technology supporting next generation RF microwave millimeter systems for the aerospace and defense, specialized mobile telecommunications, semiconductor processing and robotics markets.
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.
For more information : http://www.omni-lite.com
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