Business
Orbit International Announces the Election of William Collins to Its Board of Directors
Orbit International Announces the Election of William Collins to Its Board of Directors.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., June 25, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that William L. Collins was elected to its Board of Directors at its Annual Shareholder’s meeting on June 21, 2018.  Fredric Gruder, who served on the Company’s Board from 2008-2018 did not stand for re-election.      \n Mr. Collins is the Chief Executive Officer of Brencourt Capital Management LLC, a family office that beneficially owns approximately 157,508 or 4.35% of Orbit’s common stock.  Previously, he was CEO and Chief Investment Officer of Brencourt Advisors, an event driven fund which had $2.5 billion of assets under management with offices in New York, London and Hong Kong.  Mr. Collins also served on the Board of Directors of Werner Worldwide Holdings from 2008-2017 and MortgageIT, a mortgage REIT listed on the NYSE, from 2004-2007.  Mr. Collins currently serves as Chairman of the Board of Trustees for St. Johns University in New York.  Mr. Collins is an investor in Elkhorn Partners, an investment fund focused on companies in a variety of industries, that beneficially owns approximately 1,730,200 or 47.8% of Orbit’s common stock. Mitchell Binder, President and CEO of Orbit International commented, “We are delighted to have Bill Collins join our Board of Directors.  Mr. Collins is an accomplished entrepreneur with an excellent track record of growing the businesses in which he has been involved.  We are hopeful that he can lend his expertise in growing Orbit’s business, whether through organic growth or through strategic acquisitions.” Binder added, “Our financial condition remains strong and remain confident in our business outlook.  Consequently, our Board of Directors has authorized management to repurchase up to an additional $600,000 of our common stock from time to time in the marketplace or through private transactions and subject to market conditions.” 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.  Orbit̵...