Initial Letter Subcontract Received in March 2017
HAUPPAUGE, N.Y., June 08, 2017 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a finalized purchase order from a major prime contractor for approximately $2,300,000, for its displays used on a major aviation program. The Company initially received a letter subcontract in March 2017 for $805,000 to commence the procurement of material while negotiations were ongoing for the final purchase order. Deliveries of the completed units are expected to commence in the fourth quarter of 2017 and continue through the fourth quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “The initial letter subcontract of $805,000 provided our Company funding in order to begin the procurement process to enable us to meet initial deliveries in the fourth quarter of 2017. Upon receiving the letter subcontract in March, we expected the final purchase order to be finalized during the third quarter of 2017 and to be in excess of $2,200,000. We are pleased the final contract approximated $2,300,000 and was received earlier than expected.”
Binder added, “This order is a follow-on order for our displays on a major aviation program and follows on the heels of a firm booking month in May. It also continues the significant momentum of orders that have been received by our Electronics Group since the beginning of the year, which has well positioned our Electronic Group’s delivery schedules for the remainder of 2017. We continue to carefully manage our costs, so as we attempt to increase our revenue levels, we can take advantage of our operating leverage to further improve our 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.
CONTACT: CONTACT Mitchell Binder President & Chief Executive Officer 631-435-8300