Orbit Expects $2.2M Aerospace Electronics Order
HAUPPAUGE, NY -- Orbit International Corp., an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a letter subcontract from a major prime contractor for approximately $805,000, authorizing it to commence the procurement of material for displays on a major aviation program, while negotiations for the final purchase order are being concluded.
The value of the purchase order is expected to exceed $2,200,000 and negotiations should be finalized early in the third quarter of 2017. Deliveries of the completed units are expected to commence in the fourth quarter of 2017 and continue through the fourth quarter of 2018.
Mitchell Binder, President and CEO of Orbit International commented, “The purpose of the letter subcontract is to provide our Company funding in order to begin the procurement process while the final purchase order is being negotiated. This also allows our Electronics Group to meet the initial delivery dates that are expected to take place in the fourth quarter of this year. We expect to enter negotiations shortly and we expect the final purchase order to be received no later than the third quarter of 2017.”
Binder added, “This order is a follow-on award for a major aviation program from a leading prime contractor and continues the series of contract awards recently received by our Electronics Group. Recent awards, from our Electronics Group, at the end of 2016 and early in 2017 have firmed up delivery schedules for the first three quarters of 2017. This award now adds to the delivery of units scheduled for the fourth quarter of 2017. Our Electronics Group is also negotiating with its customers on other significant awards, including a developmental award for a next generation product that we hope to also receive during this quarter, although timing is always an uncertainty.”
The Company also announced that Ken Ice, President of its Electronics Group has decided to leave the Company to pursue another business endeavor in the Louisville, KY area that is unrelated to the defense industry. Mr. Ice will remain on the Company’s Board of Directors but will not seek reelection when his term is up. The Company announced the hiring of Mark Prieto as Senior Vice President of Business Development for the Electronics Group. Mr. Prieto previously served as Managing Director of Financial Services for Microsoft and Channel Sales Director for the Federal Government for Enterprise Servers for Hewlett Packard. Mr. Ice has entered into a consulting agreement with the Company to assist Mr. Prieto with business development and program management while Mr. Prieto becomes acclimated with the Company's customer base. The Company also announced the promotion of Jim Foti to Senior Vice President of Sales and Marketing for the Electronics Group.
Binder concluded, "Ken Ice, along with our operations, engineering and sales teams, were instrumental in the critical turnaround of our Electronics Group that has well positioned it for the future. We wish Mr. Ice well in his future endeavor. We are excited with the addition of Mark Prieto as Senior Vice President and believe he will play a vital role in our continued growth. I am pleased to announce the promotion of Jim Foti to Senior Vice President of Sales and Marketing. Mr. Foti has been instrumental in the dramatic increase in bookings for our Electronics Group."
