Company Repurchases 6,751 of its Common Shares Since Beginning of 2019; 54,308 Shares Repurchased Since Beginning of Q4 2018
HAUPPAUGE, N.Y., March 19, 2019 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (OEG) received an award for its Remote Control Units (RCU) totaling in excess of $1,150,000. The RCU is used on an IFF (Identification Friend or Foe) program. Deliveries are expected to take place in the third and fourth quarter of 2019.
Mitchell Binder, President and CEO of Orbit International commented, “This order comes on the heels of fourth quarter bookings from our OEG that exceeded $4,000,000. The outlook for our OEG for 2019 once again looks strong with significant bookings expected in the second half of the year. In addition to our anticipated follow-on contracts, we are expecting a significant order for a new opportunity that we have been pursuing since the second half of 2018.”
Binder added, “Our Power Group is in negotiations with the U.S. Navy for an additional award of Common Armament Test Set Units (CAATS) units whose value is estimated to exceed $3,000,000. We hope to receive this order in the second quarter of 2019 and expect deliveries to occur during the first half of 2020. However, timing is always an uncertainty with regard to the receipt of government contracts. In addition, potential opportunities for our power supplies utilizing our VPX technology continue to grow as we continue to remain at the forefront of this segment of the marketplace.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions 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.
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.
President & Chief Executive Officer