Orbit International’s Electronics Group Receives Purchase Order for Approximately $2,300,000
Power Group Receives Additional Award for Power Supply Used in Oil and Gas Exploration
HAUPPAUGE, N.Y., Feb. 25,
2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an
electronics manufacturer and software solution provider, today announced
that its Electronics Group (”OEG”) has received a purchase order from a
major prime contractor for approximately $2,300,000, for keyboards used on
a major military aviation program. Deliveries under this contract are
expected to commence in the fourth quarter of 2020 and continue through the
first quarter of 2022.
Mitchell Binder,
President and CEO of Orbit International commented, “In December 2019, we
reported that we received a significant award for displays used on a
military aviation program. This award completes the suite of equipment
that we provide for the same aviation program, which brings the total
orders for this equipment to over $4,000,000. This follow-on multi-year
award will lay a strong foundation to the delivery schedules for our OEG
beginning in the fourth quarter of 2020 and extending through the end of
2022.”
Binder added, “These orders from our OEG complement
the increase in bookings from our Power Group (”OPG”) that we have
reported over the last several months of 2019 highlighted by the consistent
receipt of new orders for products utilizing our VPX technology and for
commercial power supplies as well as two large orders received for our
Common Aircraft Armament Test Sets (“CAATS”). Among the commercial
power supply orders are new awards for power supplies used for oil and gas
exploration. An award for approximately $260,000 was received this month,
which, brings total oil and gas bookings to in excess of $1,650,000 over
the last 18-month period.”
Orbit International Corp., through its Electronics Group, including its recently acquired Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial 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 Bradenton, FL.
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.
CONTACT
David Goldman
Chief Financial
Officer
631-435-8300
