Company Announces Change in Management
Hauppauge, New York, September 7, 2017 -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,835,000 for the month of August 2017.
Bookings for the month of August were highlighted by (i) an approximately $545,000 follow-on switch panel order received from a procurement agency for the U.S Navy; (ii) an order for approximately $523,000 for one of its displays from a prime contractor used on a major aviation program; and (iii) a letter subcontract received from a prime contractor for approximately $323,000, authorizing the OEG to procure material for a switch panel used on a major military program. The value of the final purchase order, once negotiations are completed, is expected to exceed $850,000. Deliveries for the awards received during August, including the completed units on the expected purchase order against the letter subcontract, are expected to commence in the fourth quarter of 2017 and continue through the fourth quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “This solid bookings month in August comes on the heels of very solid second quarter bookings in excess of $6,800,000 for our Company. These awards are well positioning our delivery schedules for 2018. Furthermore, we are encouraged by many new business opportunities for both our Electronics and Power Groups as both bid pipelines continue to grow.”
The Company also announced that Ronald Storm, President of its Power Group has decided to retire at the end of the third quarter. Mr. Storm has been with Behlman Electronics for over 26 years and was Vice President of Sales and Marketing when Orbit International Corp. acquired it from Astrosytems, Inc. in 1996. Mr. Storm has been the President of Orbit’s Power Group since 2012. The Company also announced that Joe Pozzolano, hired in March 2017, has been appointed to Vice President of Sales and Marketing of the Orbit Power Group. Mr. Pozzolano previously was Sales Manager of Brookhaven Instruments since 2012 and Sales and Marketing Manager of Ultra Motion, LLC.
Finally, the Company announced that Karl Schmidt, the Executive Vice President of both its Electronics and Power Groups has been appointed as Chief Operating Officer of Orbit International Corp.
Binder concluded, “Ron Storm has played an integral role in building our Power Group and more recently, moving the Power Group toward its new VPX technology as well as placing a greater emphasis on its COTS products. We are excited with the addition of Joe Pozzolano and the opportunities he has created in the short time he has been with the Company. Mr. Storm has done an excellent job in transitioning his responsibilities to Mr. Pozzolano and we are confident he will play a vital role in the growth of our Power Group. Finally, Karl Schmidt will assume control of all aspects of Orbit International’s operations and I am confident that he, along with David Goldman, our Chief Financial Officer, will provide the leadership to help us to steer our Company to continued sales growth and 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 Thousand Oaks, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
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.
President & Chief Executive Officer