Business
Orbit International’s Electronics Group Receives Orders in Excess of $1,700,000 for Month of May
Orbit International’s Electronics Group Receives Orders in Excess of $1,700,000 for Month of May.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n HAUPPAUGE, N.Y., June 07, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Electronics Group (“OEG”) exceeded $1,700,000 for the month of May 2017.\n Bookings for May 2017 were highlighted by the previously announced developmental award received at the beginning of the month for approximately $950,000. The award included engineering effort, program support and the delivery of pre-production units.  In addition, the OEG received orders for its displays and switch panels.  Deliveries for the awards received during May are expected to commence in the current quarter and continue through the fourth quarter of 2018. Mitchell Binder, President and CEO of Orbit International commented, “This solid bookings month for our Electronics Group includes the previously announced $950,000 developmental award received at the beginning of May. In addition, the OEG booked in excess of approximately $775,000 for its displays and switch panels during the month. These bookings in May continue the series of large awards received by our Electronics Group since the beginning of the year.  In addition, the OEG is currently working with a customer on two additional opportunities which we expect to be awarded by the end of the current quarter.  These contracts have well positioned delivery schedules for this segment for the remainder of 2017.”  Binder added, “Our Power Group is still gaining traction on its VPX product line and is making alliances with several new companies that have purchased prototype and pre-production units.  Several of these customers are utilizing our technology on programs that have good production potential but the timing of receipt of any increased orders is uncertain. We are still expecting a significant follow-on order for one of our COTS power supplies; however, the timing of the receipt of this order has been extended from the second to the third quarter.” The Company also announced that its 2017 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 22, 2017. The official notice of meeting, proxy statement, proxy voting card and 2016 Annual Report are available on it...