Business
Orbit International Corp. Announces Cash Dividend of $0.01 per Common Share for the Second Quarter of 2022
Orbit International Corp. Announces Cash Dividend of $0.01 per Common Share for the Second Quarter of 2022.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, New York, June 03, 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 June 30, 2022 with a payment date of July 7, 2022. The Company also announced that its 2022 Annual Meeting of Stockholders will be held at its corporate office located at 80 Cabot Court, Hauppauge, NY at 10:00 a.m. on June 23, 2022. The official notice of meeting, proxy statement, proxy voting card and 2022 Annual Report are available on its website, www.orbitintl.com under “Investor Relations.” In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of the purchase price paid in cash at closing, an aggregate of up to $1,200,000 in performance related payments payable at the end of 2022 and 2023, and the issuance to Panel of a 19.9% ownership interest in SPS.  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, New York 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 Re...