Printer Friendly
The Free Library
4,467,296 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

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: 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 (LCD) in support of the U.S. Navy's new Multi-Mission Maritime Program (MMA) 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 Vern Clark publicly endorsed the need for this anti-submarine warfare 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, our Electronics Group is continuing to provide retrofit 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 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 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 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 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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 1, 2006
Words:863
Previous Article:Compete Launches the First Free Premium Web Analytics Tools for Interactive Marketers, Small Businesses and Consumers.
Next Article:JumpTap Partners with Autodesk, SuperPages.com, and WhitePages.com to Offer Location-Based Mobile Search.
Topics:



Related Articles
Navy Ponders Options for P-3 Replacement.(P-3 Orion land-based patrol aircraft)
The watch over water.(Airborne Surveillance)
Multimission Maritime Aircraft update.(Brief Article)
NEW PATROL AIRCRAFT SOUGHT LOCKHEED IN RACE FOR $3 BILLION NAVY DEAL.(News)
A.V. LOSES WORK ON PLANE BOEING GETS PACT FOR OCEAN-PATROL CRAFT.(News)
Dau pilots successful program startup workshop.(CONFERENCES, WORKSHOPS & SYMPOSIA)
Department of defense news release (June 14, 2004): Boeing to develop Navy's Multi-mission Maritime Aircraft.(IN THE NEWS)
P-8A design almost set.(Digest)
Raytheon has reached an important milestone in the P-8A MMA (Multimission Maritime Aircraft) programme by having delivered the Software Design Lab...
For navy, more unmanned aircraft on the horizon.(NAVY AVIATION)

Terms of use | Copyright © 2008 Farlex, Inc. | Feedback | For webmasters | Submit articles