Orbit International Corp. Announces Delay in Filing Its 2022 Annual Report
HAUPPAUGE, N.Y., April 18, 2023 (GLOBE NEWSWIRE) -- Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, announced today that the filing of its 2022 Annual Report with the OTC has been delayed beyond its extended due date of April 17, 2023, as additional time is needed to complete the audit of the acquired and ending inventory of its recently acquired Simulator Product Solutions LLC subsidiary (“SPS”) and the preparation of the 2022 Annual Report.
- Because the acquired inventory comprised a part of the purchase price of SPS, any one-time adjustments should have no material effect on the financial statements of Orbit.
- Furthermore, we do not expect any adjustments to SPS’ ending inventory to have any material effect on the financial statements of the Company.
- Our backlog at December 31, 2022 was approximately $19,400,000, an increase of 9% from the prior year.”
Binder concluded, “Our financial position continues to be strong. - Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.