Science & Technology
Science and Technology
Science and Technology
Thu, December 23, 2010
Wed, December 22, 2010
Orbit International Corp. Announces Change in Management
HAUPPAUGE, N.Y.--([ BUSINESS WIRE ])--Orbit International Corp. (NASDAQ: ORBT), an electronics manufacturer and software solution provider, today announced that the Company elected not to renew the employment agreement of Dennis Sunshine, its current President and Chief Executive Officer. Pursuant to the terms of Mr. Sunshine?s employment agreement, his employment will terminate on December 31, 2010. In addition, and in accordance with the terms of the employment agreement, Mr. Sunshine will be obligated to resign from the Company?s Board of Directors and any committee thereof effective as of such date. The amounts and components of compensation that Mr. Sunshine is entitled to receive in connection with the non-renewal of his employment agreement are set forth in that employment agreement, which was an exhibit to the Company?s Report on Form 8-K filed with the Securities and Exchange Commission on December 17, 2007.
The Company also announced that Mitchell Binder, its current Executive Vice President and Chief Financial Officer has been named the Company?s Acting Chief Executive Officer. Mr. Binder has been Executive Vice President of the Company since 2006, Vice President-Finance from 1986 to 2006 and Chief Financial Officer since 1983. He has been a director of the Company since 1985. Mr. Binder has held various positions with the Company since 1983, including Treasurer and Assistant Secretary from 1983 to March 1995. Mr. Binder is a graduate of The Wharton School of Business of the University of Pennsylvania.
In addition, David Goldman was named Acting Chief Financial Officer. Mr. Goldman has been Treasurer of the Company since June 2004 and Controller since April 2003. Prior thereto, he was Assistant Controller of Frequency Electronics, Inc., a commercial and defense electronics supplier, from April 1999 until April 2003 and Accounting Supervisor from May 1995 to April 1999. Mr. Goldman is a CPA and is a graduate of Adelphi University.
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 proposal or a strategic alternative thereto may be considered or consummated; statements regarding the Company?s expectations of its operating plans, deliveries under contracts and strategies generally; statements regarding its expectations of the performance of 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.
