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HAUPPAUGE, N.Y., Dec. 08, 2020 (GLOBE NEWSWIRE) — Orbit Worldwide Corp. (OTC PINK:ORBT), an electronics producer and software program answer supplier, right this moment introduced that its Electronics Group (“OEG”), obtained two new orders at the start of December 2020 for show items and keyboards valued in extra of $1,200,000. Deliveries are scheduled to begin within the third quarter of 2021 and proceed by way of the second quarter of 2022.
As well as, the Firm reported that its Energy Group (“OPG”) obtained new orders for its VPX energy provides within the month of November that put its present yr up to now VPX bookings forward of its VPX bookings for your entire 2019 yr, regardless of challenges associated to testing of the items because of the COVID-19 pandemic.
Mitchell Binder, President and CEO of Orbit Worldwide commented, “The 2 orders obtained by our OEG have been an roughly $500,000 order for shows and an roughly $750,000 for keyboards, each used on main navy plane applications. These awards add to our comparatively sturdy yr of bookings for our OEG and we’re hopeful we are able to add to those awards earlier than yr finish and full a stable fourth quarter of bookings.”
Binder added, “Our OPG had one other agency month of bookings in November 2020 for its VPX energy provides which pushed yr up to now bookings to roughly 9.2% forward of all of 2019 bookings for this product line. We’re notably inspired that within the final a number of months, our VPX bookings have considerably elevated from the primary half of the yr, which we imagine have been adversely affected by the pandemic because of the testing required for brand spanking new functions. Our improve in VPX and COTS energy provide bookings have offset weak bookings from our business division which we anticipated because of the hostile impact the pandemic has had on the industries we serve reminiscent of oil and gasoline exploration and our take a look at and measurement enterprise.”
Orbit Worldwide Corp., by way of its Electronics Group together with its new Q-Vio subsidiary, is concerned within the growth and manufacture of customized digital gadget and subsystem options for navy, industrial and business functions by way of its manufacturing facility in Hauppauge, New York. Orbit’s Energy Group, additionally positioned in Hauppauge, NY, designs and manufactures a wide selection of energy merchandise together with AC energy provides, frequency converters, inverters, VME/VPX energy provides in addition to varied COTS energy sources.
On March 11, 2020, the World Well being Group declared the novel pressure of coronavirus (COVID-19) a world pandemic and beneficial containment and mitigation measures worldwide. The Firm was labeled as a necessary enterprise by New York State and due to this fact was exempt from the state’s mandate that every one non-essential companies shut their enterprise places till additional discover. As well as, as a member of the Protection Industrial Base (“DIB”), the Firm is remitted by the Secretary of Protection to proceed to offer the important services required to fulfill nationwide safety commitments to the Federal Authorities and the U.S. Army. The Firm stays open whereas following steerage from the Facilities for Illness Management (“CDC”) to greatest defend our staff. At the moment, the size and severity of the COVID-19 pandemic remains to be unknown.
Sure issues mentioned on this information launch and oral statements made now and again by representatives of the Firm together with, statements relating to our expectations of Orbit’s working plans, deliveries below contracts and methods usually; statements relating to our expectations of the efficiency of our enterprise; expectations relating to prices and revenues, future working outcomes, further orders, future enterprise alternatives and continued development, could represent forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995 and the Federal securities legal guidelines. Though Orbit believes that the expectations mirrored in such forward-looking statements are based mostly upon affordable assumptions, it may give no assurance that its expectations shall be achieved.
Ahead-looking data is topic to sure dangers, developments and uncertainties that would trigger precise outcomes to vary materially from these projected. Many of those elements are past Orbit Worldwide’s capability to manage or predict. Necessary elements which will trigger precise outcomes to vary materially and that would influence Orbit Worldwide and the statements contained on this information launch might be present in Orbit’s stories posted with the OTC Disclosure and Information service. For forward-looking statements on this information launch, Orbit claims the safety of the protected harbor for forward-looking statements contained within the Non-public Securities Litigation Reform Act of 1995. Orbit assumes no obligation to replace or complement any forward-looking statements whether or not because of new data, future occasions or in any other case.
CONTACT
David Goldman
Chief Monetary Officer
631-435-8300
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