HAUPPAUGE, N.Y., June 07, 2017 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,700,000 for the month of May 2017.
Bookings for May 2017 were highlighted by the previously announced developmental award received at the beginning of the month for approximately $950,000. The award included engineering effort, program support and the delivery of pre-production units. In addition, the OEG received orders for its displays and switch panels. Deliveries for the awards received during May are expected to commence in the current quarter and continue through the fourth quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “This solid bookings month for our Electronics Group includes the previously announced $950,000 developmental award received at the beginning of May. In addition, the OEG booked in excess of approximately $775,000 for its displays and switch panels during the month. These bookings in May continue the series of large awards received by our Electronics Group since the beginning of the year. In addition, the OEG is currently working with a customer on two additional opportunities which we expect to be awarded by the end of the current quarter. These contracts have well positioned delivery schedules for this segment for the remainder of 2017.”
Binder added, “Our Power Group is still gaining traction on its VPX product line and is making alliances with several new companies that have purchased prototype and pre-production units. Several of these customers are utilizing our technology on programs that have good production potential but the timing of receipt of any increased orders is uncertain. We are still expecting a significant follow-on order for one of our COTS power supplies; however, the timing of the receipt of this order has been extended from the second to the third quarter.”
The Company also announced that its 2017 Annual Meeting of Stockholders will be held at its corporate office located at 80 Cabot Court, Hauppauge, NY at 10:00 a.m. on June 22, 2017. The official notice of meeting, proxy statement, proxy voting card and 2016 Annual Report are available on its website, www.orbitintl.com under “Investor Relations.”
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