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Orbit International Receives $1,000,000 Award for Color Programmable Entry Panels

^{Published on 2010-05-19 05:55:09 - Market Wire}
 

HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--Orbit International Corp. (NASDAQ:ORBT), a defense and industrial electronics manufacturer, systems integrator and software solution provider, today announced that its Electronics Group received an award from the U.S. Navy in excess of $1,000,000 for the manufacture of its Color Programmable Entry Panels (Color PEP). This contract includes an option clause, which provides Orbita™s customer the ability to procure additional units up to 100% of the original quantity or up to $1,000,000, if exercised within 120 days from the date of the initial order. The Color PEPs were specifically designed to replace older Orbit Plasma Entry Panels that continue to support UYQ-21 Naval console requirements. Deliveries under this new contract award are expected to commence in the third quarter and be completed before 2010 year-end.

This latest award has been released from a U.S. Depot Level Repairable Center, within a Naval Logistics Agency. This Agency has the authority to fund depot level repairable units, including upgrades to older units in consoles that will continue to remain in service. The Company had initially been informed this award would be placed no later than the fourth quarter of 2009.

The Company believes this contract award is significant, in that it validates the acceptance of the initial quantity of Color PEP seed units that were designated and delivered to most naval ship platforms that used UYQ-21 consoles. These Color PEP units have been successfully deployed and fully operational for several years, and now provide procurement agencies with a proven, cost effective option to replace older and/or malfunctioning units with the latest state-of-the-art displays. The new Color PEPs, once installed, significantly upgrade the functionality and capabilities of the UYQ-21 consoles.

Dennis Sunshine, Orbita™s President and Chief Executive Officer, commented, aOur older Plasma Entry Panels were designed to support UYQ-21 consoles, which were integrated into full fleet service as early as 1982. Since the UYQ-21 console represented the new standard Naval Tactical Display System for all Naval Surface fleet requirements, our Company has delivered in excess of 3,500 Plasma Entry Panels over the last two decades. Plasma Entry Panels were delivered to a number of prime defense contractors, including Hughes Aircraft Company, Raytheon Company, DRS, Lockheed Martin, and directly to Naval Procurement Offices. These older Plasma Entry Panels have had a successful history providing console operators with critical real time data for Command and Control Operation Rooms, as well as Fire Control areas, for all U.S. naval cruisers, destroyers, and fleet carriers utilizing the UYQ-21 console systems.a

Sunshine stated, aSince all of the UYQ-21 consoles installed on board each ship platform will remain operational over the next 15 - 25 year period, we have the potential to replace legacy units that are installed on the Ticonderoga class AEGIS cruisers and Arleigh Burke class AEGIS destroyers, as well as FMS fleets around the globe.a

Sunshine concluded, aUp to this point in time, our Company has provided Color PEPs for selective naval platforms. This latest Color PEP award will take the replacement initiative to the next level. Our Company now provides a low-cost, high-tech solution for these aging consoles to keep them operational. There continues to be a large number of Arleigh Burke class AEGIS destroyers and Ticonderoga class AEGIS cruisers operational in U.S. Naval fleet service. Given that several thousand Plasma Entry Panels remain in domestic and foreign fleet service, we view this Color PEP replacement program as a significant long-term opportunity.a

Orbit International Corp. is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications through its production facilities in Hauppauge, New York, and Quakertown, Pennsylvania; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and COTS power solutions.

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, but not limited to, statements regarding any acquisition proposal and/or the potential sale of the Company and whether such acquisition proposal, potential sale or a strategic alternative thereto may be considered or consummated; statements regarding our expectations of Orbita™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 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.