19.12.2008 13:45:00
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Orbit International Receives Order for Black Hawk Helicopter Upgrade Program Valued in Excess of $2,000,000
Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer, systems integrator and software solution provider, today announced that its Electronics Group has received a production contract from a leading global prime contractor in support of a Black Hawk helicopter upgrade program. This award, valued in excess of $2,000,000, was received by the Company’s Tulip Development Laboratory, Inc. ("TDL”) subsidiary, located in Quakertown, PA. Deliveries under this contract are expected to commence in the second quarter of 2009 and are scheduled to ramp up on a monthly basis through the first quarter of 2010. The Black Hawk was designed as a Multi-Mission Helicopter, used throughout the world as a troop carrier, and for logistical support, electronic warfare and as an aero medical evacuation aircraft.
David Gutman, President and Chief Operating Officer of TDL, commented, "The Black Hawk upgrade program award validates our latest state-of-the-art display technologies, as this opportunity will support critical multi-functional requirements for the U.S. Army and Foreign Military (FM) programs. Our design is a ‘bolt-in’ replacement requiring little or no modification to the existing aircraft structure. The Black Hawk upgrade program will enhance the helicopter’s current and future relevance in the areas of command and control, armed escort and continue to support its critical military transport missions.”
Dennis Sunshine, President and Chief Executive Officer of Orbit International Corp., commented, "The Black Hawk upgrade program is designed to enhance the flight capabilities of the current fleet of helicopter aircraft. The Black Hawk has historically supported wartime combat search and rescue missions, infiltration, extraction, electronic warfare operational capabilities for domestic and foreign country program requirements. Since there are several thousand Black Hawk helicopters used in a number of mission critical configurations, the Company anticipates the potential for significant follow on production requirements supporting U.S. Army requirements.”
Sunshine indicated, "The Black Hawk is known to be operational in more than 25 foreign countries that could be included in this enhanced display retrofit program. This global opportunity, along with other contracts currently in the prototype and pre-production stages that are expected to move into full-scale production in 2009, has led our management to begin to assess the need for expanding Tulip’s facilities to support higher production requirements.”
Orbit International Corp. 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; and designs and manufactures combat systems and gun weapons systems, provides system integration and integrated logistics support and documentation control at its facilities in Louisville, Kentucky. 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.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, but not limited to, statements regarding any acquisition proposal and whether such proposal or a strategic alternative thereto may be considered or consummated; 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 including all guidance amounts, 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 filings with the Securities and Exchange Commission including quarterly reports on Form 10-Q, current reports on Form 8-K, annual reports on Form 10-K and its other periodic reports and its registration statement on Form S-3 containing a final prospectus dated January 11, 2006. 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.
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