HAUPPAUGE, N.Y., June 29, 2017 (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 letter subcontract from a major defense contractor for approximately $568,000, authorizing it to commence the procurement of material for several units making up a suite of equipment used on a major military aviation program, while negotiations for the final purchase order for these units are being concluded. The value of the purchase order is expected to exceed $1,400,000 and negotiations should be finalized early in the fourth quarter of 2017. Deliveries of the completed units are expected to commence in the first quarter of 2018 and continue through the third quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “The receipt of these letter subcontracts is becoming more frequent in our industry as prime contractors use this as a vehicle to enable timely delivery schedules in an environment of increased cost scrutiny. This latest letter subcontract is intended to allow our Company to begin the procurement process for material while the final purchase order is being negotiated. We expect to meet the initial delivery dates that are scheduled to take place in the first quarter of next year. We anticipate that negotiations will commence in the early part of the fourth quarter of 2017 and expect the final purchase order to be received no later than the end of that quarter.”
Binder added, “The order for these units is a follow-on award for a major military aviation program from a leading defense contractor. This letter subcontract, along with the finalized purchase order announced earlier in the month for our displays has alone resulted in over $2,000,000 in bookings for the OEG for the month of June. It also continues the significant momentum of orders that have been received by our OEG since the beginning of the year. These orders have well positioned our delivery schedules for the remainder of 2017 and into the first quarter of 2018.”
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 Mitchell Binder President & Chief Executive Officer 631-435-8300
