Orbit International Corp. Receives Initial Award to Support Multi-Mission Maritime Aircraft Program (MMA) in Excess of $850,000.Production Options Could Exceed $6,000,000 for U.S. Naval Program Requirements 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 that its Electronics Group has received an initial design and development award, in excess of $850,000, from a leading global defense and aerospace prime contractor for a 12.1 inch color Liquid Crystal Display liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. (LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. ) in support of the U.S. Navy's new Multi-Mission Maritime Program (MMA (Microcomputer Managers Association, Inc.) A membership organization with chapters throughout the U.S. that was devoted to educating personnel responsible for personal computers. It disbanded in 1996. Mma - A fast Mathematica-like system, in Allegro CL by R. Fateman, 1991. ) Aircraft. This Multi-Mission Maritime P-8A Aircraft will significantly increase the Navy's reconnaissance and surveillance capabilities. Design and development units are expected to be delivered in the first quarter of 2007, followed by shipments of hardware, software and qualification units running through the first quarter of 2008. Once Limited Rate Initial Production Aircraft is qualified for initial flight service missions, the P-8A Aircraft will play a key role in the U.S. Navy's Sea Power 21st century Sea Shield concept doctrine, providing anti-submarine, anti-ship and anti-smuggling platforms that can sweep large areas, launch sensors or weapons as necessary, and remain aloft for an extended period of time. Chief of Naval Operations chief of naval operations n. pl. chiefs of naval operations Abbr. CNO The ranking officer of the U.S. Navy, responsible to the secretary of the Navy and to the President. Vern Clark Admiral Vernon E. Clark USN (Ret.) was the Chief of Naval Operations (CNO) in the United States Navy. He retired 22 July 2005, making his tenure of five years the second-longest serving CNO behind Arleigh Burke. publicly endorsed the need for this anti-submarine warfare “A/S” redirects here. For the Danish stock company form, see Aktieselskab. “A/S” redirects here. For the Norwegian stock company form, see aksjeselskap. aircraft, stating "that the MMA will transform the Maritime Patrol/Reconnaissance force by fully integrating manned and unmanned vehicles with latest state-of-the-art airborne technology." By fully funding this MMA Aircraft program, the Navy will have the ability to slowly replace the P-3C Orion fleet of aircraft, which is approaching the end of its flight service. The new aircraft will incorporate military intelligence, surveillance, reconnaissance and state-of-the-art weapons systems that will provide Navy pilots with unparalleled flexibility and capabilities. Dennis Sunshine, President and Chief Executive Officer of Orbit International, commented, "This latest award is significant for our entire Electronics Group, in that we were selected to participate with an elite team of prime contractors. Working directly with the MMA Prime Defense and Aerospace Contractor Team is an opportunity to demonstrate our design and production capabilities in Human Machine Interface keyboards, trackballs, and LED displays for various upcoming airborne programs. Within our defense electronics niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , our Electronics Group is continuing to provide retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in hardware for the current P-3C Orion upgrade programs, and will continue to provide support for this aircraft until the initial P-8A fleet is available for U.S. Naval combat missions. We have either currently received, or expect to receive, orders under this retrofit program for the P-3C Orion, totaling approximately $250,000." Sunshine added, "Once the design, development and qualification phases for the P-8A MMA aircraft are complete, the U.S. Navy intends to replace all of the current P-3C aircraft in service and actively pursue Foreign Military Sales That portion of United States security assistance authorized by the Foreign Assistance Act of 1961, as amended, and the Arms Export Control Act of 1976, as amended. This assistance differs from the Military Assistance Program and the International Military Education and Training Program program opportunities. Given that our 12.1 inch color LCD display is located in the Weapons Bay portion of the aircraft, this program offers a significant base of display business that should increase as the program matures over many years. Based on the information we have received concerning U.S. Navy requirements, we estimate our potential revenue to be approximately $6,000,000 over the life of the program." 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 Quakertown is a borough in Bucks County, Pennsylvania, in the United States. The borough is 16 miles (26 km) south of Bethlehem and 29 miles north of Philadelphia, making Quakertown a border town of both the Delaware Valley and Lehigh Valley metropolitan areas. . 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 See UPS. (hardware) Uninterruptible Power Supply - (UPS) A battery powered power supply unit that is guaranteed to provide power to a computer in the event of interruptions in the incoming mains electrical power. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 under the new contract, the MMA aircraft significantly increasing the Navy's reconnaissance and surveillance capabilities, the Company continuing to provide retrofit hardware for the current P-3C Orion upgrade program with current and future contracts totaling $250,000, the P-8A aircraft replacing all P-3C aircraft, the program providing a significant base of business for the Company over many years and the estimated total revenue of approximately $6,000,000 over the life of the contract. 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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