Not so happy news..REVERSE SPLIT....
September 01, 1999 16:50
Orbit International Corp. Announces One-For-Three Reverse Stock Split
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Sept. 1, 1999--Orbit International Corp. (NASDAQ: ORBT) today announced that its Board of Directors has unanimously approved and determined to submit to the stockholders of the Company an amendment to the Company's Certificate of Incorporation to effect a one-for-three reverse stock split of the Company's outstanding common stock.
The Company currently does not meet the requirements to maintain its listing on the Nasdaq National Market and had intended to transfer its listing to the Nasdaq SmallCap Market. The Company currently meets all the requirements for listing on the SmallCap Market with the exception of the minimum bid price of $1. If the reverse split is approved by the stockholders, the Company will then qualify.
Orbit International Corp., based in Hauppauge, is involved in the manufacture of customized electronic components and subsystems for military and nonmilitary government applications. Its Behlman Electronics, Inc. subsidiary manufactures and sells high quality commercial power units and low noise uninterruptable power supplies (UPS). The Behlman military division designs, manufactures and sells power units and electronic products for measurement and display. For a more detailed discussion of the risks inherent in the Company's business the reader is referred to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1998.
This press release contains "forward looking statements", within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company's expectations relating to its continued listing on Nasdaq. These forward-looking statements involve known and unknown risk, uncertainties and other factors that could cause the actual future results of the Company to be materially different from such forward looking statements. Factors that might result in such differences include, without limitation, variable market conditions and changing needs of the defense sector and the Company's customers. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
CONTACT: Orbit International Corp., Hauppauge
Mitchell Binder, 516/435-8300
ORBIT INTERNATIONAL - ORBT
Price 11/16
Net Change 0.00
Volume (000) 12
Day High 23/32
Day Low 11/16
as of
09/01/99 16:51 PM EDT
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