Hauppauge, New York, April 10, 2018 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) has received a new purchase order for its displays, from a major prime contractor on a major aviation program, for approximately $1,475,000. Deliveries of the completed displays are expected to commence in the fourth quarter of 2018 and continue through the third quarter of 2021.
Mitchell Binder, President and CEO of Orbit International commented, “After approximately $3,000,000 in bookings reported for the first quarter, this latest award continues the solid bookings for our OEG and adds to its delivery schedules for the second half of 2018 as well as for the years 2019 through 2021. We are encouraged that the new defense budget passed in Washington could result in new business opportunities that should flow down from the prime contractors.”
Binder added, “In addition to the firm bookings from our OEG, the bid pipeline for our Power Group is also growing. We recently reported over $1,000,000 in orders for the month of March 2018 and we continue to receive new pre-production awards for our VPX technology. We have also noted a general increase in our bid pipeline for our commercial power supplies. Finally, we are optimistic that we may receive our first orders in several years for our power supplies used for oil and gas exploration.”
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 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. 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.
President & Chief Executive Officer