HAUPPAUGE, NY – Orbit International Corp. (OTC Expert Market:ORBT), an electronics manufacturer and software solution provider, today announced that its Simulator Product Solutions LLC subsidiary (“SPS”), a part of Orbit’s Electronics Group (“OEG”), received a new contract valued in excess of $2,500,000. Deliveries under the contract are expected to commence in the fourth quarter of 2023 and are expected to continue through the third quarter of 2024.

Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report this significant contract award by our SPS subsidiary which is for simulator components used on a major military aircraft program. This comes on the heels of $925,000 in reported bookings for SPS for the month of April 2023, and is the largest single order ever received by SPS or its predecessor company. We are encouraged by several other business opportunities that SPS is working on and are hopeful some of these potential awards will be received by quarter end.”

COPENHAGEN – Napatech™ (OSLO: NAPA.OL), the leading provider of programmable Smart Network Interface Cards (SmartNICs) and Infrastructure Processing Units (IPU) used in cloud, enterprise and telecom datacenter networks, today announced a collaboration with Jabil, Inc. on a server platform for high-bandwidth, low-latency, financial technology (Fintech) applications.

Enterprises that provide electronic banking and trading services rely on their data center server platforms to transmit, receive and store financial transactions at high data rates, with low networking latency and zero data packet loss. Jabil's new J322-S server addresses these challenges through pre-validated network adapter configurations that include the Napatech NT100 and NT200 SmartNICs, which perform low-latency lossless networking at 100Gbps and 200Gbps respectively. The SmartNICs also enable complete replay of transaction data with nanosecond precision, for use in analytics, testing and simulation.

"Jabil's J322-S 2U rackmount server based on the high-performance 4th Gen Intel® Xeon Dual Socket processor is optimized to meet the demanding needs of our Fintech customers," said Ed Bailey, vice president of technology, Jabil Cloud and Enterprise Communications. "Storage needs are addressed by offering NVMe, SAS and SATA drives for hot- pluggable hybrid storage, while the available programmable Napatech SmartNICs deliver the high-performance, low-latency networking features that are required for Fintech applications. We are pleased to team with Napatech on these platforms and look forward to future collaboration as our customers' needs and opportunities evolve."

"As Fintech applications become higher-performance and more complex, standard Network Interface Cards (NICs) are unable to handle the increased line speed while delivering data without packet loss," said Charlie Ashton, senior director of business development at Napatech. "Napatech's programmable SmartNICs, however, support line speeds up to 200Gbps with zero packet loss under all conditions, while also including large on-board buffers that absorb microbursts and ensure peak network performance at all times. We are delighted that Jabil has selected our SmartNICs to ensure the performance, reliability and data integrity delivered by their J322-S server in Fintech use cases."

"The increasing sophistication of financial trading algorithms drives the need for more advanced networking subsystems within the data centers operated by Fintech companies," said Bob Laliberte, principal analyst at Enterprise Strategy Group (ESG). "Programmable SmartNICs represent the optimum solution for delivering both the requisite data networking performance and the flexibility to perform software upgrades after deployment. The collaboration between Jabil and Napatech ensures organizations can deploy a high performance platform suitable for a wide range of demanding Fintech applications."

The Jabil J322-S server is available now in a configuration with either the Napatech NT100 or NT200 SmartNIC.

BOSTON – Segue Manufacturing Services, a 30-year contract manufacturing expert of complex electromechanical and complex cable assembly services, today announced an expansion of its ISO 13485 and ISO 9001-certified Boston manufacturing facility.

Segue relocated its Massachusetts operations in 2020 from Lowell to the current Billerica site just north of Boston, selected in part for the option to annex and expand into the adjacent manufacturing space. With Segue’s new expansion now complete, the electronics manufacturing services (EMS) provider increases its Boston-based floor space to 55,000 square feet.

“We’re privileged to work with great customers, whose industry-leading products are in demand. Segue’s expansion of our Boston site was necessary to support growth,” said Segue CEO Brian Desmarais. “The additional capacity also allows us to reconfigure the facility to further optimize flow and streamline NPI, offering our customers rapid response time as their needs change.”

Serving customers in the medical, capital equipment and industrial automation sectors, Segue’s Boston area facility employs 120 engineering, supply chain and operations specialists in complex electronics manufacturing, and features an NPI Center, complex cable assembly, and specializes in complex and large-format electromechanical product manufacturing. Its complex product expertise includes industrial printing equipment, medical sterilizers, operating room equipment, ultra-precision machining equipment, industrial 3D printers, and optical sensor test and assembly equipment. The Boston operation is part of Segue’s global footprint in the USA, China and planned 2024 Mexico site.

SAN FRANCISCO – Tempo Automation Holdings, Inc. (NASDAQ: TMPO, “Tempo Automation” or “Tempo” or the “Company”), a leading software-accelerated electronics manufacturer, today announced the successful execution of a $7.0 million unsecured subordinated convertible promissory note (the “Convertible Promissory Note”) with Asia-IO Advanced Manufacturing Partners, L.P. (“Asia-IO”), a cross-border private equity fund specializing in advanced manufacturing and industrial technology opportunities.

"We are delighted to have secured financing that not only bolsters our financial stability but also equips us with the capital necessary to finalize the previously announced acquisition of Optimum Design Associates. Asia-IO shares our vision of strategic expansion by leveraging our unique data-driven factory automation technology to disrupt the industry," said Joy Weiss, CEO of Tempo Automation.

Under the terms of the Convertible Promissory Note, up to $4.0 million in aggregate principal amount may be drawn by the Company from time to time upon one or more written requests. Up to an additional $3.0 million in aggregate principal amount under the Convertible Promissory Note may be drawn by the Company from time to time for purposes of paying amounts payable by the Company in connection with the consummation of the previously announced acquisition of Optimum Design Associates, Inc. (together with the previously announced acquisition of Optimum Design Associates Pty. Ltd., the “Optimum Acquisition”). The Optimum Acquisition is anticipated to close in the second half of 2023, pending the satisfaction or waiver of certain customary closing conditions.

Amounts drawn under the Convertible Promissory Note are subject to a 3.0% original issue discount, accrue simple interest at a rate of 12.0% per annum, and will mature on June 20, 2024 (the “Maturity Date”). At any time and from time to time within 120 days of any drawdown under the Convertible Promissory Note, the Company will be able to prepay, in whole or in part, such drawdown amount upon payment of an additional amount equal to 4.0% of the prepayment amount. Any amounts that are prepaid will not be available for re-borrowing. After such 120-day period, Asia-IO has the right to convert all or any portion of the outstanding drawdown amount (together with accrued but unpaid interest, if any) equal to or greater than $500,000 into shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a conversion price equal to the greater of (i) $0.55 and (ii) the last reported closing sale price of a share of Common Stock on The Nasdaq Stock Market LLC as of such time (the “Last Reported Sale Price”). Additionally, subject to certain conditions, the Company has the right to force conversion of any outstanding drawdown amounts (together with accrued but unpaid interest, if any) under the Convertible Promissory Note into Common Stock (a) on the Maturity Date if the Last Reported Sale Price is equal to or greater than $1.10 or (b) prior to the Maturity Date, if the volume weighted average price of a share of Common Stock is equal to or greater than $1.10 for a period of at least 40 calendar days in any consecutive 60-calendar day period. If the Convertible Promissory Note has not been repaid or converted in full prior to the Maturity Date, the unpaid principal balance outstanding under the Convertible Promissory Note, along with all accrued and unpaid interest, if any, will become due and payable on the Maturity Date.