Business
Orbit International's Electronics Group Receives Two Purchase Orders Totaling Approximately $2,482,000
Orbit International's Electronics Group Receives Two Purchase Orders Totaling Approximately $2,482,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n Orders Include a Finalized Purchase Order Against a Letter Subcontract Received in June 2017\n Company’s Line of Credit Extended through August 2020 HAUPPAUGE, N.Y., Jan. 31, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group (“OEG”) has received two purchase orders, both from the same major prime contractor, totaling approximately $2,482,000.  Deliveries under these two contracts are expected to commence in the third quarter of 2018 and continue through the first quarter of 2019.   One of the orders received by the OEG, for approximately $1,541,000, was a purchase order for a suite of equipment used on a major military aviation program. The Company initially received a letter subcontract in June 2017 for approximately $568,000 to commence the procurement of material while negotiations were ongoing for the final purchase order. In addition, the OEG received a follow-on contract on a major international aviation program for approximately $941,000. The Company also announced that its line of credit was extended through August 2020 by its primary lender.  The Company currently has no borrowings under its line of credit.   Mitchell Binder, President and CEO of Orbit International commented, “These new orders give us a good start in bookings for 2018 and comes on the heels of our previously announced fourth quarter bookings for 2017 totaling more than $9,300,000.  These orders firm up the delivery schedules for the OEG for the second half of 2018.  Furthermore, we currently have other opportunities in the bid pipeline for the OEG, some of which we hope to receive before the end of the first quarter, although the timing of receipt of these orders is an uncertainty.” Binder added, “In addition, our Power Group had a record year of bookings in 2017 and continues to increase its business opportunities utilizing its VPX technology.  Consequently, we continue to be encouraged by our business outlook, particularly with an administration in Washington that remains committed to increased defense spending.” Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems...