Business
Orbit International’s Electronics Group Receives Two Orders Totaling in Excess of $2,350,000
Orbit International’s Electronics Group Receives Two Orders Totaling in Excess of $2,350,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Oct. 11, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”) received two new orders, both from the same customer, during the first week of October 2022, totaling in excess of $2,350,000. Deliveries for these orders are expected to commence in the first quarter of 2023 and continue through the fourth quarter of 2023. Mitchell Binder, President and CEO of Orbit International commented, “These two new orders for our OEG, totaling in excess of $2,350,000, were received by our Q-Vio subsidiary from the same major defense contractor and are both for displays used on the same U.S. Army program. When combined, these contracts represent the largest award ever received by Q-Vio. All production for these displays will be done in our Hauppauge, NY facility and deliveries are projected throughout 2023.” Binder added, “Despite these two significant awards, our OEG and Orbit Power Group (“OPG”) are experiencing delays in the awards of contracts on key programs. Several factors are causing delays on these awards, which are coming from the Department of Defense (“DoD”), including work restrictions related to the pandemic, a shifting of prioritization of certain contract awards from the DoD, funding delays due to increased prices and other timing issues. It should be noted that timing uncertainty in the receipt of contracts from our prime contractors doing business with the U.S government is an inherent factor in our industry. As in the past, although timing remains an uncertainty, we expect these contract awards to eventually be received, although many of these awards that were expected during the current year may be delayed until 2023.” 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, NY 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...