Orbit International Corp. Receives Board Authorization to Purchase up to an Additional $500,000 of Its Common Shares
121,785 shares (3.5% of outstanding shares) repurchased since June 1, 2021
NEW YORK, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Board of Directors authorized the Company to enter into a new share repurchase program to purchase up to $500,000 of its common shares. The shares may be repurchased from time to time in open market transactions at prevailing market prices or in privately negotiated transactions in accordance with federal securities laws. The Company’s previous share repurchase program for approximately $784,000 was completed earlier this month.
Mitchell Binder, President and CEO of Orbit International commented, “Our financial condition and cash position remain strong and we believe that this additional $500,000 stock repurchase program will be a prudent use of our cash. We remain committed to enhancing shareholder value and are confident in our operating performance for the second half of this year.”
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.
CONTACT
David Goldman
Chief Financial Officer
631-435-8300
