Business
Orbit International’s Power Group Reports January Bookings of Approximately $1,000,000
Orbit International’s Power Group Reports January Bookings of Approximately $1,000,000.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., Feb. 03, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group (“OPG”), reported bookings of approximately $1,000,000 for the month of January 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the fourth quarter of 2022. Mitchell Binder, President and CEO of Orbit International, commented, “We are pleased to report that our OPG has started 2022 on a positive note with approximately $1,000,000 of orders received in the month of January 2022. These orders included an order for approximately $260,000 from a major international customer for a power supply utilizing our VPX technology. This order represents approximately one half of our customer’s initial requirement and the follow-on order is expected within the next two quarters. Our OPG also received a follow-on COTS order for approximately $375,000 from a major defense contractor for our power supply that supports a significant military program.” Binder added, “We believe our OPG is well positioned for increased bookings in 2022. We are expecting two significant orders within the next few months, one for a follow-on order for our VPX power supplies and one for a COTS power supply. We continue to believe that our OPG is at the forefront of VPX technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business. Our VPX revenue has grown by approximately 162% over the last three years and we expect it to continue to grow as prototype orders convert to full production programs.” In January 2022, Orbit announced that its newly formed subsidiary, Simulator Product Solutions LLC (“SPS”), had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of the purchase price paid in cash at closing, an aggregate of up to $1,200,000 in performance related payments payable at the end of 2022 and 2023, and the issuance to Panel of a 19.9% ownership interest in SPS.  Orbit International Cor...