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Orbit International Receives $525,000 Award for Upgrade of P-3C Orion Aircraft

Dépèche transmise le 10 septembre 2009 par Business Wire

Orbit International Receives $525,000 Award for Upgrade of P-3C Orion Aircraft

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Orbit International Corp. (NASDAQ:ORBT), a defense electronics manufacturer, systems integrator and software solution provider, today announced that its Electronics Group had received a contract of approximately $525,000 from a global defense prime contractor for the manufacture of a suite of products designed to support a Foreign Military Sale (FMS) upgrade program for the P-3C Orion aircraft. The upgrade program includes new mission avionics and spares designed to extend the aircraft’s service life. Deliveries under this contract are expected to commence in the fourth quarter 2009 and be completed by the second quarter 2010.

This contract represents an FMS award for the P-3C Orion upgrade program. The P-3C Orion is the primary maritime patrol and reconnaissance aircraft operated by the U.S. Navy and a number of international allies. It travels at high speed, using all four of its engines to quickly enter a specific range of maritime mission interest. Once the P-3C Orion reaches its coordinated area, the aircraft is designed to shut down two of its engines, and extend its surveillance time by operating at controlled air patrol speeds.

Dennis Sunshine, Orbit’s President and Chief Executive Officer, commented, “We are proud that our products have supported the U.S. Navy’s P-3C Orion aircraft missions for a number of years. This particular aircraft has been purchased by several foreign governments, primarily for its long range maritime anti-submarine and anti-surface operational capabilities. In addition, the P-3C Orion is designed and equipped for reconnaissance, search and rescue, drug interdiction as well as early warning and electronic warfare missions.”

Sunshine indicated, “Although our keyboard, trackball, and radar control unit/cockpit control units play a very small part in this state-of-the-art system, the upgraded P-3C Orion aircraft will provide for continued mission system enhancements over many years of extended operational life. Once complete, the upgraded P-3C Orion aircraft will set the standard for continued FMS upgrades. With its new Air-to-Ground Missiles, Infrared Detection Systems Multimode Radar and Over-the-Horizon Airborne Sensor Systems, this ‘old bird’ is still considered an equal to present day aircraft with similar mission capabilities.”

Sunshine concluded, “The U.S. Navy has indicated it plans to use the aircraft for the next 15 years, and expects to support foreign fleet upgrade opportunities for another two decades. A total of 480 P-3C Orion aircraft have been built to date, with initial flight missions starting some forty years ago. While it is difficult to quantify the dollar value that this P-3C Orion upgrade will represent to Orbit over the next several years, it appears that FMS opportunities will continue for this mission critical aircraft.”

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/or the potential sale of the Company 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, 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. 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.