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 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
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