Business
Orbit International’s Power Group Reports Bookings in Excess of $1,000,000 for the Month of November 2024
Orbit International’s Power Group Reports Bookings in Excess of $1,000,000 for the Month of November 2024.
About this update from Orbit International Corp.
[{"type":"text","content":"\n Power Group Records Record VPX Bookings Through November 2024 Company Receives Notice of Verified Complaint From Former SPS President HAUPPAUGE, N.Y., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Orbit International Corp. (the “Company”) (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that bookings for its Orbit Power Group (“OPG”) for the month of November 2024 were in excess of $1,000,000. Deliveries for these orders have already commenced and are expected to continue through the second quarter of 2026. Bookings for the month of November were highlighted by orders for VPX power supplies totaling over $700,000. The November VPX bookings contributed to the OPG’s record annual VPX bookings of more than $4.5 million for the eleven months ended November 30, 2024. Other orders during the month were for additional COTS and commercial power supplies. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report very strong bookings for our OPG during the month of November. Bookings were highlighted by two significant orders for VPX power supplies. Through the eleven months ended November 30, 2024, orders for our VPX power supplies are approximatively 77% higher than they were for all of 2023.” The Company was notified on November 27, 2024, that a verified complaint was filed on a confidential basis in the Delaware Court of Chancery (C.A. No. 2024-1227) by a company formed by Simulator Product Solutions LLC’s (“SPS”) former President naming the Company and its subsidiary, SPS, as defendants. The complaint, which became publicly available yesterday, alleges additional amounts owed under the Contribution and Operating Agreements associated with the SPS acquisition. The Company believes it has abided by the terms of both agreements and intends to vigorously oppose the claims asserted in the complaint. 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 supplie...