October 01, 1999 12:51
Orbit International Corp. Announces Approval of One-for-Three Reverse Stock Split
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--October 1, 1999--Orbit International Corp.(NASDAQ:ORBT) announced that its shareholders have approved at a Special Meeting of Shareholders held today an Amendment to the Company's Certificate of Incorporation to effect a one-for-three reverse stock split of the Company's outstanding stock.
The Company previously announced that it did not meet the requirements to maintain its listing on the Nasdaq National Market and had intended to apply to Nasdaq to transfer its listing to the Nasdaq SmallCap Market. However, the Company, while meeting all the other requirements for listing on the SmallCap Market, did not meet the SmallCap Market's listing requirement of a minimum bid price of $1.00. The approval of this one-for-three reverse stock split enables the Company to meet the minimum bid requirement.
The Company has submitted to Nasdaq an application for listing on the SmallCap Market. The Company will be attending a hearing on October 7, 1999 before a Panel authorized by The Nasdaq Stock Market Board of Directors at which time the Company's application to the SmallCap Market will be evaluated. In the event the Company's application is rejected by the Panel, the Company's stock will be delisted.
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.
Mitchell Binder
516-435-8300
|
