Orbit International's Electronics Group Receives Contract for U.S Navy MK 119 Gun Computer System Cabinets for Approximately $1,230,000
Hauppauge, New York, December 20, 2016 -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received an award from a U.S. Government Procurement Agency valued in excess of $1,230,000 for its MK 119 Gun Computer System Cabinet (GCSC). The contract also includes the purchase of spare parts. The cabinets will be built at the Company’s Integrated Combat Systems (“ICS”) division located in Louisville, Kentucky. Deliveries of completed units are expected to commence in the third quarter of 2017 and continue through the second quarter of 2018.
The MK 119 GCSC is an unmanned, environmentally-isolated shipboard enclosure that houses a standard 19” electronics rack containing processors, electronic devices, cooling and power conditioning equipment that perform processing, interfacing and data extraction functions designed to meet the most stringent U.S. Navy operational systems requirements.
Mitchell Binder, President and CEO of Orbit International commented, “This is the first of two large awards that we were expecting before year end. It also continues the significant momentum of orders that have been received by our Electronics Group since the beginning of 2016, which has well positioned our delivery schedules for the second half of 2016. We expect this will continue into the first half of 2017. We continue to carefully manage our costs and strive for improving our revenue levels in order to take advantage of our operating leverage to further improve our operating performance.”
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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