LOS ANGELES, CALIFORNIA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- 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
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