Orbit International Corp. Receives Board Authorization to Purchase Up to an Additional $400,000 of Its Common Shares

Rhea-AI Summary

Orbit International Corp. (OTC PINK: ORBT) has authorized a $400,000 increase in its share repurchase program, raising the total available amount to approximately $644,000. This initiative comes after strong recent bookings and demonstrates the Board's confidence in future operating performance and commitment to enhancing shareholder value. The Company specializes in custom electronic device solutions for military, industrial, and commercial applications, with production facilities in Hauppauge, NY, and Carson, CA.

Positive

• Increase in share repurchase program by $400,000, totaling approximately $644,000.
• Strong recent booking announcements indicating potential for future growth.
• Demonstrates commitment to enhancing shareholder value.

Negative

• None.

HAUPPAUGE, N.Y., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Board of Directors authorized a $400,000 increase to the Company’s existing share repurchase program, the effect of which is to increase the amount available under the share repurchase program to approximately $644,000. The shares may be repurchased from time to time in open market transactions at prevailing market prices or in privately negotiated transactions in accordance with federal securities laws.

Mitchell Binder, President and CEO of Orbit International, commented, “This increase to our stock repurchase program comes on the heels of several recent strong booking announcements and represents both our commitment to enhancing shareholder value and the Board’s confidence in our future operating performance.”

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

FAQ

What is the latest news about Orbit International Corp. (ORBT)?

Orbit International Corp. has increased its share repurchase program by $400,000, bringing the total to approximately $644,000.

What does the $400,000 increase in share repurchase program mean for ORBT shareholders?

The increase signifies the Board's confidence in the company's future and aims to enhance shareholder value.

What type of products does Orbit International Corp. (ORBT) manufacture?

Orbit specializes in custom electronic device solutions for military, industrial, and commercial applications.

Where are Orbit International Corp.'s production facilities located?

Orbit has production facilities in Hauppauge, NY, and Carson, CA.

What were the recent developments for Orbit International Corp. before the share repurchase announcement?

The Company reported strong recent booking announcements, indicating a positive outlook.