Board Authorizes New $600,000 Repurchase Plan of Common Stock
HAUPPAUGE, N.Y., June 25, 2018 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that William L. Collins was elected to its Board of Directors at its Annual Shareholder’s meeting on June 21, 2018. Fredric Gruder, who served on the Company’s Board from 2008-2018 did not stand for re-election.
Mr. Collins is the Chief Executive Officer of Brencourt Capital Management LLC, a family office that beneficially owns approximately 157,508 or 4.35% of Orbit’s common stock. Previously, he was CEO and Chief Investment Officer of Brencourt Advisors, an event driven fund which had $2.5 billion of assets under management with offices in New York, London and Hong Kong. Mr. Collins also served on the Board of Directors of Werner Worldwide Holdings from 2008-2017 and MortgageIT, a mortgage REIT listed on the NYSE, from 2004-2007. Mr. Collins currently serves as Chairman of the Board of Trustees for St. Johns University in New York. Mr. Collins is an investor in Elkhorn Partners, an investment fund focused on companies in a variety of industries, that beneficially owns approximately 1,730,200 or 47.8% of Orbit’s common stock.
Mitchell Binder, President and CEO of Orbit International commented, “We are delighted to have Bill Collins join our Board of Directors. Mr. Collins is an accomplished entrepreneur with an excellent track record of growing the businesses in which he has been involved. We are hopeful that he can lend his expertise in growing Orbit’s business, whether through organic growth or through strategic acquisitions.”
Binder added, “Our financial condition remains strong and remain confident in our business outlook. Consequently, our Board of Directors has authorized management to repurchase up to an additional $600,000 of our common stock from time to time in the marketplace or through private transactions and subject to market conditions.”
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military and nonmilitary government applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources. The Company also has a sales office in Thousand Oaks, CA and a facility in Louisville, KY dedicated to the design and manufacture of gun weapons systems.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our 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 reports posted with the OTC Disclosure and News service. 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.
President & Chief Executive Officer
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