[February 07, 2013] |
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Orbit International Names Wayne G. Cadwallader to Its Board of Directors
HAUPPAUGE, N.Y. --(Business Wire)--
Orbit International Corp. (NASDAQ:ORBT) today announced that Wayne G.
Cadwallader has joined its Board of Directors. Mr. Cadwallader is
expected to serve as a member of Orbit's Compensation and Nominating and
Corporate Governance Committees. Orbit's Board of Directors is now
comprised of 6 members, 5 of whom are independent.
Mr. Cadwallader, 56, brings more than ten years of investment experience
to Orbit's Board. He is currently Managing Partner-Research with Elkhorn
Partners Limited Partnership (Elkhorn Partners), an investment fund
focused on companies in a variety of industries. Elkhorn Partners
beneficially owns 909,350 shares, or 19.6%, of Orbit's common stock.
From October 2000 to June 2012, Mr. Cadwallader served as a Senior
Investment Analyst for Hamblin Watsa Investment Counsel Ltd. (a
subsidiary of Fairfax Financial Ltd.), where as part of the investment
team, he was involved in helping manage Fairfax Financial's $22.0
billion in assets. Mr. Cadwallader's previous experience includes
management positions for CIBC, a Canadian bank, and he began his career
at Xerox holding various positions in information technology.
Mr. Cadwallader also serves on the Board of COMARCO, INC., a designer,
developer and distributor of mobile power products in North America,
Europe and the Asia-Pacific. He earned his Business Administration
Certificate from Ryerson University, in Toronto, Canada.
Mitchell Binder, President and CEO of Orbit International, added, "We
are pleased to welcome Wayne to our Board of Directrs. Through his
affiliation with Elkhorn Partners, we have gained a deep respect for his
analytical skills and suggestions for improving our business. Wayne's
extensive experience makes him an excellent choice as a Board member. We
believe that he will play an integral role in helping us execute our
business objectives and grow our Company organically and through
acquisitions."
Mr. Cadwallader added, "I am delighted to be given the opportunity to
join Orbit's Board. I look forward to working with the management team
and my fellow Board members to advance Orbit's business initiatives and
enhance shareholder value."
Orbit International Corp. is involved in the manufacture of customized
electronic components and subsystems for military and nonmilitary
government applications through its production facilities in Hauppauge,
New York, and Quakertown, Pennsylvania; and designs and manufactures
combat systems and gun weapons systems, provides system integration and
integrated logistics support and documentation control at its facilities
in Louisville, Kentucky. Its Behlman Electronics, Inc. subsidiary
manufactures and sells high quality commercial power units, AC power
sources, frequency converters, uninterruptible power supplies and COTS
power solutions.
Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company including,
statements regarding our expectations of Orbit's operating plans,
deliveries under contracts and strategies generally; statements
regarding our expectations of the performance of our business;
expectations regarding costs and revenues, future operating results,
additional orders, future business opportunities and continued growth,
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although Orbit believes that the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that its expectations will be
achieved.
Forward-looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from
those projected. Many of these factors are beyond Orbit International's
ability to control or predict. Important factors that may cause actual
results to differ materially and that could impact Orbit International
and the statements contained in this news release can be found in
Orbit's filings with the Securities and Exchange Commission including
quarterly reports on Form 10-Q, current reports on Form 8-K, annual
reports on Form 10-K and its other periodic reports. For forward-looking
statements in this news release, Orbit claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Orbit assumes no obligation to
update or supplement any forward-looking statements whether as a result
of new information, future events or otherwise.
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