Orbit International (ORBT) Approves $3 Million Stock Buyback
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Orbit International Corp. (NASDAQ: ORBT) has authorized a stock repurchase program for up to $3 million of its common stock through 2010. The repurchase program will be funded from available working capital which at June 30, 2008, was $17,347,000.
Under the terms of the stock repurchase program, Orbit may repurchase shares in open market purchases or in privately negotiated transactions in compliance with applicable securities laws and regulations including the SEC's Rules 10b5-1 and 10b-18. The timing and amount of repurchases under this program will depend on market conditions and publicly available information and therefore, repurchase activity may be suspended or discontinued at any time. There are approximately 4,757,000 shares of Orbit common stock outstanding.[SM]
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