Orbit International's Electronics Group Receives Orders in Excess of $1,000,000 for Month of May
Hauppauge, New York, June 7, 2016 -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group exceeded $1,000,000 for the month of May 2016.
The bookings for May 2016 were highlighted by several follow-on production awards including a contract for the Electronics Group’s product supporting a gun weapon system as well as other awards for its displays and switch panels. Deliveries for the awards received during May are scheduled to commence in the third quarter of 2016 and continue through the first quarter of 2017.
Mitchell Binder, President and CEO of Orbit International commented, “Our Electronics Group got off to a strong start in 2016 with the receipt of several significant orders that were previously announced during the first quarter. These recent awards in May 2016 further add to the strong year-to date bookings for the Group. In addition, our Electronics Group is finalizing negotiations with customers on two other significant awards that it hopes to receive before the end of the second quarter, although timing is always an uncertainty.”
The Company also announced that its 2016 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 27, 2016. The official notice of meeting, proxy statement, proxy voting card and 2015 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 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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