HAUPPAUGE, N.Y., March 17, 2017 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that it repurchased, in the aggregate, 156,450 shares of its common stock, at an average price of $3.88 per share, in two separate transactions this week. The first transaction was a private sale in which the Company purchased 86,450 of its common shares from Kenneth Ice, an officer and member of its Board of Directors (the “Board”). This transaction is towards the Board’s recently announced $450,000 repurchase authorization. Additional information concerning this purchase is being provided in a separate press release being issued later this morning. In a separate transaction approved by our Board, the Company purchased 70,000 of its common shares in an open market transaction. This purchase was made outside of the Board’s recent $450,000 repurchase authorization.
Mitchell Binder, President and CEO of Orbit International commented, “Our financial condition remains strong and we believe that these two stock repurchases are a prudent use of our cash. We remain committed to enhance shareholder value through opportunistic repurchases of our common stock. We have approximately $122,000 of availability under our Board’s recent repurchase authorization and will continue to be in the market for repurchases of our common stock.”
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 facility in Hauppauge, New York. 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, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Newbury Park, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems as well as VME/VPX solutions including backplanes, health monitors, air transport racks and components.
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 as well as Orbit’s prior filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports. 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 Mitchell Binder President & Chief Executive Officer 631-435-8300
Source:Orbit International Corp.