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Orbit International's Electronics Group Receives Letter Contract to Commence Procurement on Purchase Order Expected to Exceed $1,000,000
Orbit International's Electronics Group Receives Letter Contract to Commence Procurement on Purchase Order Expected to Exceed $1,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n \n \n Orbit International's Electronics Group Receives Letter Contract to Commence Procurement on Purchase Order Expected to Exceed $1,000,000\n \n \nOrbit International's Electronics Group Receives Letter Contract to Commence Procurement on Purchase Order Expected to Exceed $1,000,000\n\nFinal Purchase Order Expected During Third Quarter 2016\nElectronics Group Also Receives Order for Approximately $430,000 on New Program\n\n \n HAUPPAUGE, NY--(Marketwired - Jun 21, 2016) -  Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a letter contract from a major prime contractor for $275,000, authorizing it to commence the procurement of material for switch panels, while negotiations for the final purchase order are being concluded. The value of the purchase order is expected to exceed $1,000,000 and negotiations should be complete early in the third quarter. Deliveries of the completed units are expected to commence in the fourth quarter of 2016 and continue through the second quarter of 2017.\n The Company also announced that it received an order for approximately $430,000 for engineering, testing and preproduction units for its trackballs and keyboards. This order was received from a new customer for a program in which the Company had not previously participated. Deliveries under this contract are expected to commence in the fourth quarter of 2016 and continue through the first quarter of 2017. \n Mitchell Binder, President and CEO of Orbit International commented, \"The purpose of the letter contract is to provide our Company the funding in order to begin the procurement process while the final purchase order is being negotiated. This also allows our Electronics Group to meet the delivery dates expected to be included in the final purchase order.\"\n Binder added, \"The first order, for one of our switch panels, is a follow-on order from a major prime contractor. The order, along with the aforementioned contract for trackballs and keyboards on a new program, further elevates the high level of bookings from our Electronics Group in 2016. Our Electronics Group got off to a strong start to 2016 with the receipt of several significant orders that were previously announced during the first quarter....