Hauppauge, New York, November 28, 2017 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a new purchase order for its displays, from a major prime contractor on a major aviation program, for approximately $1,100,000. Deliveries of the completed units are expected to commence in the second quarter of 2018 and continue through the fourth quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “This latest award for our Electronics Group does have an option for additional units that could increase the total contract value to approximately $1,285,000. It is also one of several awards that we were expecting before the end of the calendar year. Our bid pipeline still remains firm and this award should help us achieve a strong booking quarter, although the timing of future awards is an uncertainty.”
Binder added, “This award will add to our scheduled deliveries for our Electronics Group throughout 2018. Along with the large contracts recently received by our Power Group and with our continued tight management of operating costs, we believe we are well positioned to take advantage of our operating leverage in order to further build upon our improved operating performance.”
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems 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 Thousand Oaks, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
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 as well as Orbit’s prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. 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.