Business
Orbit International’s Power Group Reports May Bookings in Excess of $1,000,000 on Strength of New VPX Orders
Orbit International’s Power Group Reports May Bookings in Excess of $1,000,000 on Strength of New VPX Orders.
About this update from Orbit International Corp.
[{"type":"text","content":"\n HAUPPAUGE, N.Y., June 03, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Power Group (“OPG”), reported bookings for the month of May 2021 in excess of $1,000,000. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2022. Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that orders for the OPG exceeded $1,000,000 for the month of May 2021. These orders included more than $875,000 of new orders for products utilizing our VPX technology. Our VPX orders through the first five months of 2021 are 212% ahead of our VPX orders for the comparable five month period in 2020 and have reached 88% of the total VPX orders for the entire 2020 year. We believe we are still at the forefront of this technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business.” Binder added, “Our increase in VPX power supply bookings have offset continued weak bookings from our commercial division. Our bookings at our commercial division have been impacted by the adverse effects that the COVID-19 pandemic has had on certain industries we serve such as oil and gas exploration and our test and measurement business. We are hopeful that as the pandemic’s adverse effects subside, our commercial business will improve as these industries begin to recover.” 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 facility in Hauppauge, New York. 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. On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The Company was classified as an essential business by New York State and therefore was exempt from the state’s mandate t...