ORBITEC PRESS RELEASE
Orbital Technologies Corporation (ORBITEC) announced today that it is poised for commercial expansion and rapid growth after completing major commitments for both equity and debt capital. A combination of committed equity sales and a debt agreement from Johnson Bank of Madison, WI provides a significant portion of the $11MM capital base planned for ORBITEC to expand new products to markets with only $2MM in equity offering remaining.
“Our mission is to extract the value from the best of our more than 20 years of technology development,” said ORBITEC President Thomas Crabb. “We have selected 5 distinct business units with solutions that improve functionality and performance while reducing costs. Our approach is to commercialize, partner, and spin-off products and services to realize the value of these solutions in very specific markets. We recognize that partnering is a fantastic mechanism to accelerate the commercialization and value creation process for all parties involved. Our ability to sustain growth and attract capital in this economy also validates the high quality of our business prospects.”
ORBITEC commenced a strategic planning process over one year ago and has concluded important steps toward a capital infusion from several institutional and strategic investors. The transaction forms part of ORBITEC’s near-term expansion with a continued long-term growth plan. The company is proceeding with multiple growth opportunities including fire suppression systems, bio-product initiatives and competitive aerospace capabilities.
ORBITEC’s product expansions include:
- New, advanced propulsion systems for space and missile systems
- Oxygen production for near-term automated Lunar missions
- Life support systems for commercial and exploration missions
- Automated science capabilities for Space Station and commercial flight
- Mobile fire suppression systems that cut in half the time to extinguish a fire while using less than one-third the water of conventional systems
- Controlled Bio-agricultural production systems and products including pharmaceuticals and next generation structural fibers, and LED lighting systems
- Mobile, interactive and collaborative simulations for training, operational support, and urban planning
ORBITEC’s strategic planning efforts and capital search were supported by NORROC Partners in San Francisco. The company obtained initial, new, growth capital from investors in Wisconsin, California, and from Rocklove Capital Partners LLC, most of whom have tracked the company’s progress for a lengthy period of time.
“ORBITEC offers the risk return platform that Rocklove is looking for,” said Managing Partner of Rocklove Capital Partners LLC, Theo Armour. “They have grown revenues through this tough economic cycle, paying careful attention to strategic planning and customer satisfaction. Their business portfolio also offers tremendous risk reduction. At Rocklove we look forward to actively following the company’s further progress.”
Norroc stands ready to support future capital needs as well. Managing Partners Petter Kleppan and Rune A. Hansen of NORROC are enthusiastic about continuing their relations.
“At NORROC Partners, we are more convinced than ever of ORBITEC’s prospects. We foresee even higher level of investor interest in this remarkable company going forward, especially from parties with sector-specific interests within the ORBITEC portfolio.” In addition to NORROC, Quarles & Brady provides legal counsel and Grant Thornton provides audit and tax support. Johnson Bank has been a key partner of ORBITEC for over five years.
About Orbital Technologies Corporation (ORBITEC):
ORBITEC is a leading high technology development and subsystem integration company based in Madison, Wisconsin. ORBITEC offers commercially mature solutions and strong capabilities in five distinct areas: Next Generation Fire Suppression; Propulsion, Propellant, and Power Systems; Life Support and Environment Control; Bio-based products and production systems; and Interactive 3D Simulation Software.
ORBITEC has won more than $170 million in contracts to develop state-of-the-art technologies and products. The company has been able to convert research and development initiatives into leading technologies and mature the technologies to valuable products in their respective markets that provide significant cost advantages, superior functionality, and high reliability. ORBITEC is led by an experienced management team with over one hundred years of industry experience.