Orbit International Corp. Receives Board Authorization to Purchase up to an Additional $500,000 of Its Common Shares

Rhea-AI Summary

Orbit International Corp. (OTC PINK:ORBT) has announced a new share repurchase program, authorized by its Board of Directors, allowing it to buy back up to $500,000 of common shares. This follows the completion of a previous program worth approximately $784,000. CEO Mitchell Binder stated the company maintains a strong financial position and sees this buyback as beneficial for shareholder value. Orbit designs custom electronic solutions for various industries and aims for continued growth in the second half of the year.

Positive

• New share repurchase program worth $500,000 initiated.
• Previous buyback program of $784,000 successfully completed.
• Strong financial condition and cash position reported.

Negative

• None.

121,785 shares (3.5% of outstanding shares) repurchased since June 1, 2021

NEW YORK, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Board of Directors authorized the Company to enter into a new share repurchase program to purchase up to $500,000 of its common shares. 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. The Company’s previous share repurchase program for approximately $784,000 was completed earlier this month.

Mitchell Binder, President and CEO of Orbit International commented, “Our financial condition and cash position remain strong and we believe that this additional $500,000 stock repurchase program will be a prudent use of our cash. We remain committed to enhancing shareholder value and are confident in our operating performance for the second half of this year.”

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 new share repurchase program for Orbit International Corp (ORBT)?

Orbit International Corp (ORBT) has announced a new share repurchase program allowing up to $500,000 in common shares to be bought back.

How much did Orbit International Corp repurchase in previous share buybacks?

The previous share repurchase program was approximately $784,000.

What does Orbit International Corp focus on in its business?

Orbit International focuses on developing custom electronic devices and subsystems for military, industrial, and commercial applications.

What did the CEO of Orbit International Corp say about the company's financial condition?

CEO Mitchell Binder stated that the company's financial condition and cash position remain strong.

What is the stock symbol for Orbit International Corp?

The stock symbol for Orbit International Corp is ORBT.