-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RdfcpzkbpUyiq4DbJJg0AFdaglxTBoQp2Ec8q8oXln7+t/w6xVdGI7xeAE/iO4DV 1aW0ivPIvFmAIh7l6XSR9w== 0000074818-96-000014.txt : 19960814 0000074818-96-000014.hdr.sgml : 19960814 ACCESSION NUMBER: 0000074818-96-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960808 ITEM INFORMATION: Other events FILED AS OF DATE: 19960813 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORBIT INTERNATIONAL CORP CENTRAL INDEX KEY: 0000074818 STANDARD INDUSTRIAL CLASSIFICATION: WOMEN'S, MISSES', AND JUNIORS OUTERWEAR [2330] IRS NUMBER: 111826363 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03936 FILM NUMBER: 96610407 BUSINESS ADDRESS: STREET 1: 80 CABOT CT CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 5164358300 MAIL ADDRESS: STREET 1: 80 CABOT COURT STREET 2: 80 CABOT COURT CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: ORBIT INSTRUMENT CORP DATE OF NAME CHANGE: 19911015 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report(Date of earliest event reported): August 8, 1996 ORBIT INTERNATIONAL CORP. (Exact name of registrant as specified in its charter) Delaware 0-3936 11-1826363 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 80 Cabot Court, Hauppauge, New York 11788 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code(516)435-8300 Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events. Annexed hereto as Exhibit 1 is a copy of a press release issued by Orbit International Corp. (the "Company") on August 8, 1996 announcing that it has entered into a letter of intent for the sale of its East/West Division and announcing its plans to sell its Canadian Apparel Segment. Item 7. Exhibits 1. Press Release dated August 8, 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed by the undersigned hereunto duly authorized. ORBIT INTERNATIONAL CORP. (Registrant) By: /s/ Mitchell Binder Mitchell Binder Vice President-Finance and Chief Financial Officer Date: August 13, 1996 EXHIBIT INDEX Exhibit Page Number 1. Press Release dated August 8, 1996. EXHIBIT 1 CONTACT FOR IMMEDIATE RELEASE Mitchell Binder August 8, 1996 Vice President, Finance 516-435-8300 ORBIT INTERNATIONAL CORP. SIGNS LETTER OF INTENT FOR SALE OF EAST/WEST DIVISION; ANNOUNCES PLAN TO SELL CANADIAN APPAREL SEGMENT Hauppauge, NY, August 8, 1996 - Orbit International Corp. (NASDAQ:ORBT) today announced that it has signed a Letter of Intent ( the Letter of Intent ) for the sale of its East/West Division to Mezzanotte Design, Ltd. ( Mezzanotte ) which is expected to close in September, 1996. The Company also announced that it plans to sell its Canadian Apparel Segment and has engaged the services of KPMG in Canada to assist in the sale of the Segment. As a result, the Company will report all of its apparel operations as discontinued operations in its second quarter financial statements which results will be released during the week of August 12, 1996. The sale of its apparel segments will enable Orbit to return to its core base of business which is the manufacture of customized electronic components and subsystems for military and non-military government applications. In February 1996, Orbit purchased from Astrosystems, Inc. (NASDAQ:ASTR) substantially all of the assets of its wholly owned subsidiary Behlman Electronics, Inc. and substantially all of the assets of its Military Electronic division. Under the terms of the Letter of Intent Mezzanotte will purchase the assets and business of East/West and assume certain of its liabilities in exchange for a guaranteed minimum royalty over a four year period and a minority ownership by Orbit in a subsidiary of Mezzanotte formed for the purpose of acquiring the East/West division. The terms of the letter of intent are subject to a negotiated Asset Purchase Agreement between the parties. Dennis Sunshine, President and CEO of Orbit commented that the sale of our remaining apparel segments will enable us to focus on our electronics business which has consistently produced solid operating results in recent years. Our business strategy is to complete the sale of these apparel segments and then explore opportunities for the expansion of the electronics business both internally and through additional acquisitions. Orbit International Corp., based in Hauppauge, New York, 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, distortion free commercial power units and low noise uninterruptable power supplies (UPS). The Behlman military division designs, manufactures and sells power conversion devices 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, 1995 and the Company s Quarterly Report on Form 10-Q for the quarter ended March 31, 1996, each filed with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----