Orbit International’s Electronics Group Reports Bookings in Excess of $1,200,000 for Month of October 2018
Hauppauge, New York, November 6, 2018 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,200,000 for the month of October 2018.
Bookings for the month of October were highlighted by an approximately $780,000 order for a suite of equipment used on a major military aviation program. Additional follow-on awards, similar in dollar value to the order received, are expected each year over the next five years. Other orders received during the month were for switch panels and displays. Deliveries for the awards received during October are expected to commence in the first quarter of 2019 and continue through the third quarter of 2019.
Mitchell Binder, President and CEO of Orbit International commented, “Aside from the firm month of bookings, our OEG is expecting several follow-on awards from its prime contractors which should be received in the fourth quarter, although the timing of the actual awards is an uncertainty. We are also exploring new opportunities on established military programs which could generate new contract awards in 2019.”
Binder continued, “In addition to the bookings from our OEG, our Power Group (“OPG”) continues to receive pre-production orders utilizing its VPX technology and bids for new VPX opportunities are accelerating. Through the end of October, orders for our VPX products are up 62% from the comparable period of the prior year. The OPG is also expecting a second award for approximately $220,000 for a power supply used for oil and gas exploration. When received, this will give our OPG approximately $450,000 in oil and gas orders for 2018. We are hopeful that orders will continue as the increasing price of oil warrants further 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 also has a sales office in Thousand Oaks, CA.
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.