Business Services Industry
Orbit International Corp. Receives Long Term Agreement for Additional Digital Interrogator Units in Support of AN/UPX-37 Program; Total Contract Value to Approximate $1 Million
Business Wire, August 23, 2006
HAUPPAUGE, N.Y. -- Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and supplier today announced it has received a Long Term Agreement (LTA) firm fixed price contract from a leading defense prime contractor for its Digital Interrogator (DDI) unit. This latest order of DDI units will support additional shipboard, stationary and mobile ground systems requirements. Orbit's Identification Friend/Foe (IFF) display is embedded in the AN/UPX-37 console, currently in service for U.S. and foreign military program requirements.
This is Orbit's third LTA order for DDI units, bringing the total number of DDIs for ongoing program requirements to more than 970 units. The latest LTA provides for the purchase of 200 units, with production requirements continuing through 2008. The Company expects initial orders under this LTA to be released in September 2006 and thereafter, on a timely basis, so that production will not be interrupted. The Company anticipates the total contract value of this award to approximate $1,000,000.
Dennis Sunshine, President and Chief Executive Officer of Orbit International, commented, "The current DDI configuration includes a state-of-the-art Electro-Luminescent (EL) display, with an array of operator-controlled switch buttons. This forms a critical IFF system that is currently used in all-weather hostile battlefield conditions. The IFF system enables friendly forces operating under battlefield conditions to distinguish friendly platforms from potential hostile targets in real time. The DDI display information provides battlefield operators with critical lead time to counter an attack, or prevent inadvertent fire between friendly and/or coalition forces."
Sunshine continued, "Working closely with our customer, we have developed a low cost, reliable solution that provides accurate battlefield information to support and enhance the DDI functionality for shipboard and ground based applications. We believe our DDI unit has the capability to support foreign military program opportunities, that require IFF hardware with the latest state-of-the-art technology."
Sunshine concluded, "As previously announced, the Company has experienced delays in receiving orders from its customers due to program funding issues. However, we remain confident that follow-on orders on existing programs should be forthcoming although timing remains uncertain."
Orbit International Corp., through its Electronics Group, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York and Quakertown, Pennsylvania. Its Power Group, through its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and associated analytical equipment. The Behlman military division designs, manufactures and sells power units and electronic products for measurement and display.
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the expected delivery dates and total contract value under the Long Term Agreement, the release of initial orders in September 2006 and thereafter, on a timely basis, so that production would not be interrupted, the Company's DDI having multi-service program applications for the U.S. Navy and U.S. Army, the ability of the Company's unit to support foreign military program requirements with its state-of-the-art technology and the Company receiving follow-on orders from other existing programs. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual future results of the Company to be materially different from such forward looking statements. Factors that might result in such differences include, without limitation, the current economic climate and military conflicts, variable market conditions and changing needs of its customers. The forward-looking statements contained in this press release speak only as of the date hereof. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 and its other periodic reports and its registration statement on Form S-3 containing a final prospectus dated January 11, 2006 filed with the Securities and Exchange Commission.
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- LIFO vs. FIFO: a return to the basics
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions


