ORBIT/FR (fka ORFR)

[Rager]

SATIMO Agrees to Purchase Controlling Shares of ORBIT/FR

Thursday, March 13 2008 8:01 AM, EST PR Newswire "US Press Releases "
HORSHAM, Pa ., March 13 /PRNewswire-FirstCall/ -- ORBIT/FR, Inc. (OTC Bulletin Board: ORFR), a leading producer of sophisticated, automated microwave test and measurement systems for the aerospace, defense, wireless communication, automotive and satellite industries, announced today that Orbit-Alchut Technologies, Ltd. (public on TASE) the controlling shareholder of ORBIT/FR, Inc. and SATIMO (listed on ALTERNEXT: ALSAT) have entered into a definitive Stock Purchase Agreement.
Pursuant to the Stock Purchase Agreement, SATIMO will pay Orbit-Alchut Technologies, Ltd. approximately $17.2 million for its 3,700,000 shares of ORBIT/FR stock (61.6% of issued and outstanding shares) making SATIMO the majority stockholder of ORBIT/FR. This transaction is subject to customary conditions (including regulatory approval).
Israel Adan, President and CEO of ORBIT/FR said: "ORBIT/FR, SATIMO and our hundreds of customers worldwide will benefit from this transaction. Our complementary technologies, electronic probe array and precision electromechanical systems, will enable us to develop better, faster and more accurate solutions for our customers in all segments of our operation: cellular, satellites, automotive, aerospace and defense." "Broader portfolio together with combined geographical footprint of over 200 employees in 11 offices in 3 continents will strengthen our leading position in the industry," added Mr. Adan.
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the current intent, belief or expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements, including those regarding the ability to obtain and perform new contracts, obligations by the Company or its customers, satisfy customer needs and successful implementation of the Company's technology, involve a number of risks and uncertainties that could materially affect actual results. Such risks and uncertainties are identified in the Company's reports and registration statements filed with the Securities and Exchange Commission , including its Annual Report on Form 10-K for the year ended December 31, 2006 and Forms 10-Q.
SOURCE ORBIT/FR, Inc.