Business
Orbit International Announces Repurchase of 156,450 Shares of Its Common Stock
Orbit International Announces Repurchase of 156,450 Shares of Its Common Stock.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n HAUPPAUGE, N.Y., March 17, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that it repurchased, in the aggregate, 156,450 shares of its common stock, at an average price of $3.88 per share, in two separate transactions this week. The first transaction was a private sale in which the Company purchased 86,450 of its common shares from Kenneth Ice, an officer and member of its Board of Directors (the “Board”). This transaction is towards the Board’s recently announced $450,000 repurchase authorization. Additional information concerning this purchase is being provided in a separate press release being issued later this morning. In a separate transaction approved by our Board, the Company purchased 70,000 of its common shares in an open market transaction. This purchase was made outside of the Board’s recent $450,000 repurchase authorization.\n Mitchell Binder, President and CEO of Orbit International commented, “Our financial condition remains strong and we believe that these two stock repurchases are a prudent use of our cash. We remain committed to enhance shareholder value through opportunistic repurchases of our common stock. We have approximately $122,000 of availability under our Board’s recent repurchase authorization and will continue to be in the market for repurchases of our common stock.” 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 Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components. Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company...