Business
Orbit International’s Electronics Group Reports Bookings in Excess of $1,835,000 for Month of August 2017
Orbit International’s Electronics Group Reports Bookings in Excess of $1,835,000 for Month of August 2017.
About this update from Orbit International Corp.
[{"type":"text","content":"\n\n HAUPPAUGE, N.Y., Sept. 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 $1,835,000 for the month of August 2017.      \n Bookings for the month of August were highlighted by (i) an approximately $545,000 follow-on switch panel order received from a procurement agency for the U.S Navy; (ii) an order for approximately $523,000 for one of its displays from a prime contractor used on a major aviation program; and (iii) a letter subcontract received from a prime contractor for approximately $323,000, authorizing the OEG to procure material for a switch panel used on a major military program. The value of the final purchase order, once negotiations are completed, is expected to exceed $850,000.  Deliveries for the awards received during August, including the completed units on the expected purchase order against the letter subcontract, 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, “This solid bookings month in August comes on the heels of very solid second quarter bookings in excess of $6,800,000 for our Company.  These awards are well positioning our delivery schedules for 2018.  Furthermore, we are encouraged by many new business opportunities for both our Electronics and Power Groups as both bid pipelines continue to grow.” The Company also announced that Ronald Storm, President of its Power Group, has decided to retire at the end of the third quarter.  Mr. Storm has been with Behlman Electronics for over 26 years and was Vice President of Sales and Marketing when Orbit International Corp. acquired it from Astrosytems, Inc. in 1996.  Mr. Storm has been the President of Orbit’s Power Group since 2012.  The Company also announced that Joe Pozzolano, hired in March 2017, has been appointed to Vice President of Sales and Marketing of the Orbit Power Group.  Mr. Pozzolano previously was Sales Manager of Brookhaven Instruments since 2012 and Sales and Marketing Manager of Ultra Motion, LLC. Finally, the Company announced that Karl Schmidt, the Executive Vice President of both...