Orbit International electronics group reports second
HAUPPAUGE, NY, July 07, 2021 (GLOBE NEWSWIRE) – Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solutions provider, today announced that its Electronics Group (âOEGâ) has recorded bookings of over $ 3,250,000 for the second quarter of 2021. Les deliveries of some of these orders have already started and are expected to continue until the third quarter of 2022.
Mitchell Binder, President and CEO of Orbit International said, âWe are delighted to announce that orders for OEG exceeded $ 3,250,000 for the second quarter of 2021. These orders included approximately $ 770,000. for a screen used on several aircraft programs and more than $ 730,000 in orders received by our subsidiary Q-Vio Corp. for its screens used for both defense and industrial applications. Our OEG sales teams are working on several new and follow-up opportunities which we hope will result in comparable bookings for the third and fourth quarters, although the timing of receiving these awards, particularly the from our military customers, may be delayed. . “
Binder added, âWe are also encouraged that in June 2021 our Power Group (‘OPG’) received additional orders, using its VPX technology, resulting in a total of orders through June 30. 2021, exceeding VPX orders for the full year of 2020. We believe that we are still at the forefront of this technology and that our VPX opportunities will drive future revenue growth for this segment of our business. However, our increase in VPX power supply reservations continues to be offset by weak reservations from our commercial division. Many of our business customers are recovering from the COVID-19 pandemic and we hope that as the adverse effects of the pandemic subside, our business operations will begin to improve. “
Orbit International Corp., through its electronics group, is involved in the development and manufacture of customized electronic device and sub-system solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York. Orbit Power Group, also located in Hauppauge, NY, designs and manufactures a wide range of power products, including AC power supplies, frequency converters, inverters, VME / VPX power supplies, and various sources. power supply COTS.
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 has been classified as a core business by New York State and therefore has been exempt from the state’s mandate that all non-core businesses close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the company is mandated by the Secretary of Defense to continue to provide essential products and services required to meet national security commitments to the federal government. and the US military. The Company remains open while following the guidelines of the Centers for Disease Control (âCDCâ) to best protect our employees. At this time, the duration and severity of the COVID-19 pandemic are still unknown.
Certain matters addressed in this press release and oral statements made from time to time by representatives of the Company, including statements regarding our expectations regarding Orbit’s business plans, contract deliveries and strategies. general; statements regarding our expectations regarding 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 Laws on securities. Although Orbit believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties which 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 which may cause actual results to differ materially and which could have an impact on Orbit International and the statements contained in this press release can be found in Orbit’s reports published with the OTC Disclosure and News service. For the forward-looking statements contained in this press release, Orbit claims safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any statements. forward-looking, whether as a result of new information, future events or otherwise.