Business
Orbit International’s Electronics Group Receives New Order in Excess of $1,000,000
Orbit International’s Electronics Group Receives New Order in Excess of $1,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Sept. 10, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), received a new order for display units used in military vehicles valued in excess of $1,000,000.  Deliveries are scheduled to commence in the second quarter of 2021 and continue through the fourth quarter of 2021. Mitchell Binder, President and CEO of Orbit International commented, “This award adds to our relatively strong year of bookings for the OEG which recorded better than expected bookings in the first half of the year.  Furthermore, bookings for our OEG in the month of August 2020 slightly exceeded $1,000,000, which was highlighted by a $633,000 award for a switch panel that was received from the U.S. Navy.” Binder added, “Currently, we are expecting a good third quarter of consolidated bookings for our Company. These awards from our OEG come on the heels of our previously announced $1,790,000 contract received by our Orbit Power Group (“OPG”) in August 2020, which was the largest award received by our OPG in the current year.  Our customer has informed us that this award will be used for foreign military sales and follow-on orders are expected although the timing of these additional awards is an uncertainty.” Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York.  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. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company was classified as an essential business by New York State and therefore was exempt from the state’s mandate that all non-essential businesses close their business locations until further notice. In addition, as a memb...