Orbit International Corp. Electronics Group Receives New Contract Valued in Excess of $2,500,000
Contract Received by SPS Subsidiary
HAUPPAUGE, N.Y., June 21, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its Simulator Product Solutions LLC subsidiary (“SPS”), a part of Orbit’s Electronics Group (“OEG”), received a new contract valued in excess of $2,500,000. Deliveries under the contract are expected to commence in the fourth quarter of 2023 and are expected to continue through the third quarter of 2024.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report this significant contract award by our SPS subsidiary which is for simulator components used on a major military aircraft program. This comes on the heels of $925,000 in reported bookings for SPS for the month of April 2023, and is the largest single order ever received by SPS or its predecessor company. We are encouraged by several other business opportunities that SPS is working on and are hopeful some of these potential awards will be received by quarter end.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. 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, VME/VPX power supplies as well as various COTS power sources.
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.
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