Orbit International’s Electronics Group Receives New Contract in Excess of $950,000
Hauppauge, New York, June 11, 2019 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (OEG) received a follow-on award for a switch panel totaling in excess of $950,000. Deliveries are expected to commence in the fourth quarter of 2019 and be completed by the second quarter of 2020.
Mitchell Binder, President and CEO of Orbit International commented, “This order will add to a strong booking quarter highlighted by our previously announced order received by our Power Group (OPG) in April 2019 for approximately $4,100,000 for production of Common Aircraft Armament Test Sets (CAATS). Furthermore, this order should firm up our delivery schedules for the fourth quarter of 2019.”
Binder added, “The outlook for our OEG for 2019 once again looks strong with significant bookings expected in the second half of the year, primarily through follow-on contracts. In addition, potential opportunities for our power supplies utilizing our VPX technology are expanding as we continue to introduce our products on new programs while other programs using our VPX products enter their initial production phase.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military and nonmilitary government 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.
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.