Orbit International's Electronics Group Receives New Orders in April Totaling Over $1,000,000
Bookings Remain Strong for the Electronics Group
Orbit International Corp. (PINKSHEETS:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group received new and follow-on orders for its products on several programs in the month of April totaling over $1,000,000.
Orders for April were highlighted by a contract award for Orbit’s Remote Control Units (“Units”) in excess of $650,000 representing requirements for both the U.S. Navy and U.S. Army. Orbit is a key producer of the Units, a sophisticated controller used by the pilot or other onboard personnel to control the IFF (Identification Friend or Foe) transponder. Deliveries for this contract and other awards received during April are scheduled to commence in the third quarter of 2015 and continue through the fourth quarter of 2015.
Ken Ice, President of the Orbit Electronics Group commented, “This recent order for Remote Control Units is significant and we anticipate additional follow-on orders later this year. We are continuing our focus on developing new program opportunities, many of which are with our existing customer base. Accordingly, our bid and proposal pipeline is expanding and is also being enhanced by our VMEVPX.com product portal.”
Mitchell Binder, President and CEO of Orbit International commented, “With this significant award for Remote Control Units and the other contracts received during the month, our Electronics Group has continued a strong period of bookings beginning with the second half of 2014. As a result, delivery schedules for our Electronics Group, beginning in the current second quarter of 2015 are firming up. Furthermore, the Company is currently in the qualification stage of new products which we expect will lead to additional awards later in 2015. However, timing of all awards still remains an uncertainty, particularly in this business and budget environment.”
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 Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
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.
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