Orbit International Corp. Appoints Marshall Sterman to Its Board of Directors
Orbit International Corp. (OTC PINK:ORBT) announced that Marshall Sterman has joined its Board of Directors, replacing Bernard Karcinell, who passed away in November 2022. Sterman, a CPA and President of HMS Advisors, LLC, will also serve as Chairman of the Audit Committee. His extensive experience in financial advisory is expected to contribute positively to the company's growth and business objectives. Orbit manufactures custom electronic devices, subsystems, and power products for military and commercial applications from its facilities in Hauppauge, NY, and Carson, CA. The company warns that forward-looking statements are subject to risks and uncertainties.
- Marshall Sterman joins the Board, bringing extensive experience as a CPA and financial advisor.
- Sterman will chair the Audit Committee, which may strengthen financial oversight.
- Transition in leadership may lead to initial disruptions in governance.
- Loss of Bernard Karcinell may create a gap in company continuity.
HAUPPAUGE, N.Y., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that Marshall Sterman has joined its Board of Directors replacing Bernard Karcinell who passed away in November 2022. Mr. Sterman will be serving as Chairman of Orbit’s Audit Committee and as a member of its Compensation and Nominating and Corporate Governance Committees.
Mr. Sterman, who is a CPA, is currently President of HMS Advisors, LLC, a financial and strategic advisory services company. Previously, he was a partner at Mazars LLP’s Manhattan office for 24 years.
Mitchell Binder, President and CEO of Orbit International commented, “We are delighted to have Marshall Sterman join our Board of Directors. Marshall’s extensive experience as a CPA and financial advisor make him an excellent choice as a Board member and to chair our Audit Committee. We look forward to working with Marshall to help achieve our business objectives and to grow our company.”
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 facilities in Hauppauge, NY and Carson, CA. 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
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