Orbit International Corp. (NASDAQ:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a follow-on award released against a multi-year Indefinite Delivery/Indefinite Quantity ("IDIQ") agreement from a U.S. Navy Procurement Agency valued in excess of $600,000 for its MK 437 Gun Mount Control Panels ("GMCP"). This recent award was received by the Company's Integrated Combat Systems, Inc. ("ICS") subsidiary located in Louisville, Kentucky. These units are expected to be delivered in the second quarter of 2012.
The MK 437 GMCP is a significant sub-system component that supports the Naval MK 160 Gun Computer System and includes custom fabricated enclosures designed to meet the most stringent U.S. Navy operational systems requirements. The MK 437 GMCP is used on all AEGIS Cruisers and Destroyers, and is operationally integrated with the 5"/54 MK-45 Gun Mount systems.
Julie McDearman, ICS Director of Engineering and Logistics commented, "We greatly appreciate the continued trust shown by the U.S. Navy in our experienced team of engineers and logisticians. ICS has been providing the U.S Navy with the MK 437 GMCP since 2006 and this follow-on order is a continuation of our existing five-year MK 437 IDIQ contract. Of note, the most recent MK 437 GMCP order valued in excess of $1.1 million was received in February 2011. The completion of the design efforts for these units in early 2011 enabled ICS to expedite the delivery schedule for this follow-on order and meet the challenges of full-scale production."
Mitchell Binder, President and CEO of Orbit International commented, "We are pleased that our Electronics Group continues to receive follow-on orders for its legacy hardware. In addition, each of our operating units continue to work on several new products on programs that are in the prototype or pre-production stage, which we expect to enter into initial production in the near future. Because qualification testing is done at both the subcontractor and prime contractor level, the timing of these initial production awards remains uncertain."
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