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Orbit International’s Electronics Group Receives Letter Subcontract for Approximately $805,000 to Commence Procurement on Purchase Order Expected to Exceed $2,200,000
Orbit International’s Electronics Group Receives Letter Subcontract for Approximately $805,000 to Commence Procurement on Purchase Order Expected to Exceed $2,200,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n Final Purchase Order Expected During Third Quarter 2017\n Company Announces Change in Management HAUPPAUGE, N.Y., March 17, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a letter subcontract from a major prime contractor for approximately $805,000, authorizing it to commence the procurement of material for displays on a major aviation program, while negotiations for the final purchase order are being concluded. The value of the purchase order is expected to exceed $2,200,000 and negotiations should be finalized early in the third quarter of 2017. Deliveries of the completed units are expected to commence in the fourth quarter of 2017 and continue through the fourth quarter of 2018. Mitchell Binder, President and CEO of Orbit International commented, “The purpose of the letter subcontract is to provide our Company 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 initial delivery dates that are expected to take place in the fourth quarter of this year. We expect to enter negotiations shortly and we expect the final purchase order to be received no later than the third quarter of 2017.” Binder added, “This order is a follow-on award for a major aviation program from a leading prime contractor and continues the series of contract awards recently received by our Electronics Group. Recent awards, from our Electronics Group, at the end of 2016 and early in 2017 have firmed up delivery schedules for the first three quarters of 2017. This award now adds to the delivery of units scheduled for the fourth quarter of 2017. Our Electronics Group is also negotiating with its customers on other significant awards, including a developmental award for a next generation product that we hope to also receive during this quarter, although timing is always an uncertainty.”  The Company also announced that Ken Ice, President of its Electronics Group has decided to leave the Company to pursue another business endeavor in the Louisville, KY area that is unrelated to the defense industry. Mr. Ice will remain on the Company’s Board of Directors but will not seek reelection when h...