Orbit International Corp. Receives $950,000 Order for Common Transponder Program.Some Units Will Include Latest "ETCAS ETCAS Enhanced Traffic Alert and Collision Avoidance System " Capabilities HAUPPAUGE, N.Y. -- Orbit International Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ORBT), an electronics manufacturer and supplier, today announced its Electronics Group has received an initial production release of approximately $950,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the procurement of its Remote Control Units ("RCU RCU Read Copy Update RCU Remote Control Unit RCU Regional Coordinating Unit RCU Radio Control Unit RCU Remote Concentrator Unit RCU Regional Cadet Unit (Australia) RCU Radio Channel Unit RCU Rate Construction Unit ") in support of the Common Transponder ("CXP CXP Common IFF Digital Transponder Program (US Navy shipboard and aircraft Identification Friend or Foe Transponder) ") program for both U.S. Navy and U.S. Army program requirements. This contract represents the first order against the Long Term Agreement ("LTA LTA Land Transport Authority LTA Land Trust Alliance LTA Lawn Tennis Association LTA Lost Time Accident LTA Lighter-Than-Air LTA Lieutenant (Singapore military) LTA Lipoteichoic Acid LTA Lymphotoxin-Alpha ") that was signed with this customer and announced in June 2006. Deliveries under this contract are expected to commence in the fourth quarter of 2006 and continue through the second quarter of 2007. This $950,000 order is part of Orbit's third LTA for RCUs with this prime contractor, bringing the total number of units under this requirement to more than 2,100 units. This latest LTA provides for the purchase of up to 500 RCU configurations through the second quarter of 2008. The Company expects the funding for this requirement to be released on a timely basis so that production will not be interrupted. These additional orders are expected to be valued at approximately $2.2 million, bringing the total value of this LTA to approximately $3.1 million. Dennis Sunshine, President and Chief Executive Officer of Orbit International, commented, "This latest release of RCUs includes a requirement for units that have advanced software to support the Air Force with their Enhanced Traffic Alert and Collision Avoidance System (1) See adaptive cruise control. (2) A passenger car system that detects objects on the road that the driver may not be able to see. Using radar or infrared sensors, distant objects, such as a deer crossing the road at night or in a fog, are projected onto the ("ETCAS"). This configuration includes Mode S, Mode 5, Traffic Alert and Collision Avoidance System ("TCAS TCAS Traffic Alert and Collision Avoidance System TCAS Traffic Collision Avoidance System TCAS T-Carrier Administration System TCAS Terminal Control Address Space (MVS/TSO) TCAS Technical Control and Analysis System ") and ETCAS software capabilities, which enables our unit to have multi-service program applications for the U.S. Navy, U.S. Army and U.S. Air Force. The structure of this latest LTA gives our Company and our customer the flexibility of continuous production along with the cost controls that come with long term planning. Consequently, we expect our production lines to continue to meet the delivery requirements of our customer through 2008." Sunshine continued, "Working closely with our customer and by including ETCAS capabilities, our Electronics Group has developed a true multi-purpose RCU configuration that should provide substantial business opportunities. By completing qualification testing with all software upgrades, we believe that our RCU unit has the unique capability to potentially replace all existing Identification Friend or Foe The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ("IFF 1. (file format) IFF - Interchange File Format. 2. IFF - Identify friend or foe (radar). 3. (mathematics, logic) iff - if and only if, i.e. necessary and sufficient. ") hardware currently in aircraft, helicopter and shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. service with the latest state-of-the-art technology." 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 facilities in Hauppauge, New York Hauppauge (pronounced /hɔpɔg/) is a hamlet in the Town of Islip and the Town of Smithtown in Suffolk County, New York, United States. and Quakertown, Pennsylvania. Its Power Group, through its Behlman Electronics, Inc. subsidiary, manufactures and sells high quality commercial power units, AC power sources, frequency converters, uninterruptible power supplies and associated analytical equipment. The Behlman military division designs, manufactures and sells power units and electronic products for measurement and display. For a more detailed discussion of the risks inherent in the Company's business, the reader is referred to the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005 and its registration statement on Form S-3 containing a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. dated January 11, 2006. This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the expected delivery dates and contract value under the RCU Long Term Agreement, the funding of additional orders to be released on a timely basis so that production will not be interrupted, deliveries under the latest LTA continuing into 2008, the Company's RCU having multi-service program applications for the U.S. Navy, U.S. Army and U.S. Air Force, the Company's production lines continuing to meet delivery requirements of the customer through 2008, the software upgrade to a ETCAS capability providing substantial business opportunities and the ability of the Company's unit to replace all existing IFF hardware with its state-of-the-art technology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual future results of the Company to be materially different from such forward looking statements. Factors that might result in such differences include, without limitation, the current economic climate and military conflicts, variable market conditions and changing needs of its customers. The forward-looking statements contained in this press release speak only as of the date hereof. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. |
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