ORBIT INTERNATIONAL CORP. TO SUSPEND ITS SHARE REPURCHASE PROGRAM IN LIGHT OF COVID-19 PANDEMIC
COMPANY EXPECTS TO CONTINUE QUARTERLY CASH DIVIDEND PAYMENT
Hauppauge, New York, April 21, 2020– Orbit International Corp. (OTC PINK:ORBT) (“Orbit”), an electronics manufacturer and software solution provider, today announced that its Board of Directors has decided to suspend the Company’s share repurchase program in light of the COVID-19 pandemic. As of the date of this release, Orbit has kept its manufacturing facility operational while safeguarding the health and safety of its employees. Orbit’s management believes the suspension of its buyback program, while conservative, is prudent given the uncertainty regarding the effect and length of the pandemic. At this time, our balance sheet remains strong and we do not expect our normal quarterly cash dividend to be affected by the pandemic. However, because of current economic uncertainty, we will continue to monitor the situation closely.
Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Bradenton, FL.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID19) a global pandemic and recommended containment and mitigation measures worldwide. The Company is classified as an essential business by New York State and therefore is exempt from the state’s mandate that all non-essential business close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the Company is mandated by the Secretary of Defense to continue working its normal schedule. The Company’s customers and direct suppliers, as members of the DIB, share this same responsibility to remain open, although some of the Company’s indirect suppliers may not be members of the DIB. The Company remains open while following guidance from the Centers for Disease Control (“CDC”) to best protect our employees.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT David Goldman Chief Financial Officer 631-435-830