World News: 13:45 GMT Thursday 6th December 2018. [Orbit International Corp. via Globe Newswire via SPi World News]
HAUPPAUGE, N.Y., Dec. 06, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that consolidated bookings for its Electronics Group (“OEG”) and Power Group (‘OPG) exceeded $2,000,000 for the month of November 2018.
Bookings for the month of November were highlighted by an approximately $610,000 order received by the OEG for a display used on a major military aviation program. In addition, the OEG received additional awards for a control panel and a keyboard, one of which represents a new opportunity from a new customer, on a well-established aviation program with projected follow-on opportunities over the next several years. In addition, the Company’s OPG received a second award for approximately $220,000 for oil and gas exploration. Other orders received during the month were for COTS and commercial power supplies. Deliveries for the awards received during November are expected to commence in the first quarter of 2019 and continue through the fourth quarter of 2019.
Mitchell Binder, President and CEO of Orbit International, commented, “This solid consolidated booking month comes on the heels of a strong booking month from our OEG in the month of October. We are expecting additional orders for the month of December that, if received, would complete a strong booking quarter for our Company. However, the timing of the receipt of these additional awards is an uncertainty and for unforeseen reasons, some of these bookings could fall into 2019.”
Binder continued, “Our OPG continues to receive orders utilizing its VPX technology and bids for new VPX opportunities continue to accelerate although all opportunities remain at the pre-production stage. One VPX order that we are expecting in the month of December is for VPX qualification units from a large prime contractor that has projected several years of additional follow-on orders.”
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.
Globe Newswire: 13:45 GMT Thursday 6th December 2018
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