Orbit International Corp. Receives 2.5 Million Dollar Follow-On Production Award From Lockheed Martin.
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jan. 16, 2002
Orbit International Corp.(NASDAQ:ORBT) today announced that it has received additional follow-on production orders from Lockheed Martin Tactical Defense Systems (NYSE:LMT) for several configurations of its Communication Information Units in support of AN/UYQ-70 Aegis Naval Program requirements.
The total value of this follow-on contract award is in excess of $2,500,000.
Dennis Sunshine, President and CEO, commented, "This new order indicates the importance of the Q-70 console in supporting ongoing Naval Program requirements. As part of this new award, Orbit will be manufacturing and supplying a combination of LS-653 and LS-654 Secure Voice Command and Communication Units. The current hardware will be shipped to Lockheed Martin and will support both Aegis Arleigh Burke Guided Missile Destroyer as well as Nimitz Class (CVN) Carrier shipboard requirements."
Sunshine continued, "The Company continues to support Lockheed Martin on a number of program requirements including custom designed keyboards (MCS Program), sonar audio panels (SQQ89), audio control panel (NSN21), trackballs (E2C, STARS and AIP), and keypads (E2C and AIP). These units are being used to support Naval Surface and Subsurface Ship, Naval Airborne Reconnaissance, Army Track Vehicle and Federal Aviation (FAA) Program requirements."
Sunshine concluded, "We continue to gain the confidence and satisfaction of our customers through our cost, quality and delivery performance. Our Company continues to pursue a significant amount of new business opportunities with these customers that have potential of developing into significant orders in the future."
Orbit International Corp., based in Hauppauge, New York is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units and low noise uninterruptable power supplies (UPS). 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, 2000.
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 gaining the confidence of its customers through its cost, quality and delivery performance and the pursuit of new business opportunities with its existing customers that have the potential of developing into significant orders for the Company. 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 recession and military conflict, variable market conditions and changing needs of the defense sector and the Company's 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.
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 16, 2002|
|Previous Article:||Uranium Power Corporation - Acquisition Of The Firebag Oil Play, Fort McMurray, Alberta, Canada.|
|Next Article:||Murphy Oil Schedules Conference Call.|