HAUPPAGE, New York, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) today announced that it has entered into a definitive agreement to acquire the business of Panel Products, Inc. of Carson, California (“Panel”) (the “Transaction”).
The Transaction, which is structured as a purchase of assets, and is subject to certain specified closing conditions, is expected to close on or about December 31, 2021. In connection with the Transaction, Orbit has formed a new subsidiary, Simulator Product Solutions LLC, which will be majority owned by Orbit, with a minority equity interest to be held by Panel. It is intended that Nabil Radi, the founder of Panel, will continue his leadership of Panel’s business as President of Orbit’s newly formed subsidiary. In addition, Orbit intends to keep Panel’s operation in the Carson/Long Beach area. The Transaction is expected to be accretive to earnings in fiscal 2022 and is being funded substantially from Orbit’s cash on hand.
Founded in 1999, Panel Products, Inc. (www.panelproductsinc.com) designs, manufactures and sells globally, military simulation and training bezels, electronic control assemblies, multi-function displays, and ancillary products and related software solutions.
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.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International, and the statements contained in this news release can be found in Orbit's reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT
David Goldman
Chief Financial Officer
631-435-8300
