HAUPPAUGE, NY, January 29, 2021 (GLOBE NEWSWIRE) – Orbit International Corp. (OTC PINK: ORBT), an electronics manufacturer and software solutions provider, today announced that its request to cancel its $ 1,606,000 loan from People’s United Bank under the Paycheck Protection Program (” PPP ”) under the Coronavirus Aid, Relief and Economic Security Act (“ the CARES Act ”), has been approved by the Small Business Administration.
Mitchell Binder, President and CEO of Orbit International, said: “We are still grappling with the latest wave of serious consequences from this pandemic. As previously mentioned, we have made several changes across our organization to manage the health and safety of our employees and productivity has suffered as a result. In addition, bookings and revenues from some areas of our business were also negatively affected. Despite these challenges, the PPP loan allowed us to preserve our workforce with full employment throughout this period and mitigate the negative financial impact resulting from the inefficiencies created by the pandemic. “
Orbit International Corp., through its electronics group, including its new subsidiary Q-Vio, is involved in the development and manufacture of customized electronic device and sub-system solutions for military, industrial and sales through its production facility in Hauppauge, New York. Orbit Power Group, also located in Hauppauge, NY, designs and manufactures a wide range of power products, including AC power supplies, frequency converters, inverters, VME / VPX power supplies, and various sources. power supply COTS.
On March 11, 2020, the World Health Organization declared the novel strain of coronavirus (COVID-19) a global pandemic and recommended containment and mitigation measures worldwide. The company has been classified as a core business by New York State and therefore has been exempt from the state’s mandate that all non-core businesses close their business locations until further notice. In addition, as a member of the Defense Industrial Base (“DIB”), the Company is mandated by the Secretary of Defense to continue to provide essential products and services required to meet national security commitments to the federal government and the American army. The Company remains open while following the guidelines of the Centers for Disease Control (“CDC”) to best protect our employees. At this time, the duration and severity of the COVID-19 pandemic are still unknown.
Certain matters discussed in this press release and oral statements made from time to time by representatives of the Company, including statements regarding our expectations regarding Orbit’s business plans, contract deliveries and strategies. general; statements regarding our expectations regarding 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 Laws on securities. Although Orbit believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties which 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 which may cause actual results to differ materially and which could impact Orbit International and the statements contained in this press release can be found in Orbit’s reports issued with the OTC Disclosure and News service. For the forward-looking statements contained in this press release, Orbit claims safe harbor protection for the forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any statements. forward-looking, whether as a result of new information, future events or otherwise.