Business
Orbit International Corp. Announces Cash Dividend of $0.01 Per Common Share for the Fourth Quarter of 2022
Orbit International Corp. Announces Cash Dividend of $0.01 Per Common Share for the Fourth Quarter of 2022.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Nov. 29, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that its Board of Directors has declared a cash dividend of $0.01 per share payable to shareholders of record as of December 31, 2022 with a payment date of January 9, 2023. Orbit announced sadly the passing away of its longtime Board member Bernard “Bernie” Karcinell. Mr. Karcinell served on Orbit’s Board of Directors since 2000, was Chairman of its Audit Committee and a member of both its Compensation and Nominating and Corporate Governance (“N&CG”) Committees. Prior to joining Orbit’s Board, Mr. Karcinell was a certified public accountant, a Partner at KPMG LLP and the President and CEO of two companies. Mitchell Binder, President and CEO of Orbit commented, “Bernie was a valued, respected and cherished member of our Board of Directors for over 20 years. Along with his accounting and financial knowledge, Bernie also provided us with his entrepreneurial spirt, business acumen, endless enthusiasm and sense of humor. He will be greatly missed by all of us at Orbit. On behalf of the entire Orbit team, we extend our deepest sympathies to the Karcinell family.” Wayne Cadwallader, a member of Orbit’s Board since 2013, has been appointed as a member of the Company’s Audit Committee. William Collins, a member of Orbit’s Board since 2018 and a current member of its Audit Committee, has been appointed Acting Chairman of that Committee. Mr. Binder concluded, “The Company will continue to be supported by its remaining four directors and its N&CG Committee has initiated the recruitment of an additional independent Board member who will also serve as its Audit Committee chair on a permanent basis. We hope to have the prospective Board member in place before the Company’s next scheduled Board meeting in March 2023.” 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...