HAUPPAUGE, N.Y., April 21, 2020 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT) (“Orbit”), an electronics manufacturer and software solution provider, today announced that its Board of Directors has decided to suspend the Company’s share repurchase program in light of the COVID-19 pandemic. As of the date of this release, Orbit has kept its manufacturing facility operational while safeguarding the health and safety of its employees. Orbit’s management believes the suspension of its buyback program, while conservative, is prudent given the uncertainty regarding the effect and length of the pandemic. At this time, our balance sheet remains strong and we do not expect our normal quarterly cash dividend to be affected by the pandemic. However, because of current economic uncertainty, we will continue to monitor the situation closely.

Orbit International Corp., through its Electronics Group including its new Q-Vio subsidiary, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York.  Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, uninterruptible power supplies, VME/VPX power supplies as well as various COTS power sources.  The Company also has a sales office in Bradenton, FL.

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 is classified as an essential business by New York State and therefore is exempt from the state’s mandate that all non-essential business 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 working its normal schedule. The Company’s customers and direct suppliers, as members of the DIB, share this same responsibility to remain open, although some of the Company’s indirect suppliers may not be members of the DIB. The Company remains open while following guidance from the Centers for Disease Control (“CDC”) to best protect our employees.