WILMINGTON, Del., Dec. 05, 2025 (GLOBE NEWSWIRE) -- AB Value Partners, L.P. makes this press release as directed by an Order of the Court of Chancery of the State of Delaware.

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

IN RE ORBIT/FR, INC. STOCKHOLDERS LITIGATION

C.A. No. 2018-0340-JTL

SUMMARY NOTICE OF PENDENCY OF STOCKHOLDER CLASS ACTION, PROPOSED SETTLEMENT OF STOCKHOLDER CLASS ACTION, SETTLEMENT HEARING, AND RIGHT TO APPEAR

The Court of Chancery of the State of Delaware has approved the announcement of a proposed settlement of a stockholder class action on behalf of owners of Orbit/FR, Inc. common stock as of April 6, 2018 (OTCMKTS: ORFR):

TO: All record and beneficial owners of Orbit/FR, Inc. (“Orbit”) common stock as of April 6, 2018 (the date of the consummation of the Merger) (the “Class”).¹ Excluded Persons (as defined in the Stipulation and the Notice) are not Class Members.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

IF YOU DO NOT INTEND TO OBJECT TO THE SETTLEMENT, PLAINTIFF’S FEE AND EXPENSE APPLICATION, PLAINTIFF’S INCENTIVE AWARD APPLICATION, OR PLAINTIFF’S BOND INTEREST AMOUNT APPLICATION (AS DEFINED BELOW), YOU NEED NOT TAKE ACTION IN RESPONSE TO THIS NOTICE.

YOU ARE HEREBY NOTIFIED, under an Order of the Court of Chancery of the State of Delaware (the “Court”), that the above-captioned stockholder class action (the “Action”) is pending in the Court.

YOU ARE ALSO NOTIFIED that Plaintiff AB Value Partners, L.P. (“Plaintiff”), individually and on behalf of the Class; Defendants Microwave Vision, S.A., Philippe Garreau, Arnaud Gandois, and Per Iversen (collectively, “Defendants,” and together with Plaintiff, the “Parties,” and each a “Party”) have reached a proposed settlement of the Action for $17,850,000 in cash (the “Settlement Amount”) as set forth in the Stipulation (the “Settlement”). A copy of the Stipulation is available at www.strategicclaims.net/Orbit. The Settlement, if approved by the Court, will resolve all claims in the Action.

A hearing (the “Settlement Hearing”) will be held on February 4, 2026 at 1:30 p.m., before the Honorable J. Travis Laster, Vice Chancellor, in person at the Court of Chancery of the State of Delaware, Leonard L. Williams Justice Center, Courtroom 12A, 500 North King Street, Wilmington, Delaware, 19801, to: (i) determine whether the proposed Settlement, on the terms and conditions provided for in the Stipulation, is fair, reasonable, adequate, and in the best interests of the Class and should be approved by the Court; (ii) determine whether to enter an Order and Final Judgment implementing the Settlement; (iii) consider Plaintiff’s application for an award of attorneys’ fees and expenses (the “Fee and Expense Application”); (iv) consider Plaintiff’s application for an incentive award (the “Incentive Award Application”); (v) consider Plaintiff’s application for an award of interest on the $395,000 security deposit that Plaintiff was ordered to make in connection with its objection to a prior proposed settlement of the Action (the “Bond Interest Amount Application”); (vi) hear and determine any objections to the Settlement or to the Fee and Expense Application, the Incentive Award Application, or the Bond Interest Amount Application (collectively, the “Applications,” and each an “Application”); and (vii) rule on any other matters the Court may deem appropriate. Any updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement website, www.strategicclaims.net/Orbit.    

If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to a share of the Net Settlement Amount. If you have not yet received the Notice, you may obtain a copy of the Notice by contacting the Settlement Administrator at Orbit/FR Stockholder Litigation Settlement, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063, 866-274-4004, info@strategicclaims.net. A copy of the Notice can also be downloaded from the Settlement website, www.strategicclaims.net/Orbit.   

If you held or beneficially owned Orbit common stock as of April 6, 2018, the date of the Merger, this Settlement will affect your rights, including the release and extinguishment of claims you may possess relating to your former ownership interest in Orbit common stock.

If the Court approves the Settlement and the Effective Date occurs, then the Net Settlement Amount will be distributed on a pro rata basis to Eligible Closing Date Stockholders in accordance with the proposed Plan of Allocation stated in the Notice or such other plan of allocation as is approved by the Court. Under the proposed Plan of Allocation, each Eligible Closing Date Stockholder will be eligible to receive a pro rata payment from the Net Settlement Amount based on the number of shares each Eligible Closing Date Stockholder held or beneficially owned on April 6, 2018, at the time of consummation of the Merger.
        
Any objection to the Settlement, Plan of Allocation, or any Application (as defined above) must be in the manner and form explained in the detailed Notice, filed with the Register in Chancery of the Court of Chancery of the State of Delaware, and received no later than fifteen business days prior to the Settlement Hearing by each of the following:

Register in Chancery Court of Chancery of the State of Delaware Leonard L. Williams Justice Center 500 North King Street Wilmington, DE 19801

Ben Lucy ABRAMS & BAYLISS LLP 20 Montchanin Road, Suite 200 Wilmington, DE 19807 lucy@abramsbayliss.com Attorneys for Plaintiff AB Value Partners, L.P. and the Class

Bradley R. Aronstam S. Michael Sirkin Anthony M. Calvano ROSS ARONSTAM & MORITZ LLP Hercules Building 1313 North Market Street, Suite 1001 Wilmington, Delaware 19801 baronstam@ramllp.com Attorneys for Defendants Microwave Vision S.A., Philippe Garreau, and Arnaud Gandois Henry E. Gallagher, Jr. Sara Barry CONNOLLY GALLAGHER LLP 1201 North Market Street, 20th Floor Wilmington, Delaware 19801 sbarry@connollygallagher.com Attorneys for Defendant Per Iversen

Please do not contact the Court or the Register in Chancery regarding this notice. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to the Settlement Administrator or Class Counsel.

Requests for the Notice should be made to the Settlement Administrator:

Orbit/FR Stockholder Litigation Settlement
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson St., Ste. 205
Media, PA 19063
Telephone: 866-274-4004
Email: info@strategicclaims.net  
Website: www.strategicclaims.net/Orbit

Inquiries, other than requests for the Notice, should be made to Class Counsel:

Ben Lucy
ABRAMS & BAYLISS LLP
20 Montchanin Road, Suite 200
Wilmington, DE 19807
Telephone: (302) 778-1000
Email: lucy@abramsbayliss.com

BY ORDER OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE

Dated: December 5, 2025

¹ Certain persons and entities are excluded from the Class by definition, as set forth in the full Notice of Proposed Settlement of Class Action, Settlement Hearing, and Right to Appear (the “Notice”), available at www.strategicclaims.net/Orbit. Any undefined capitalized terms used in this notice shall have the meanings given to them in the Notice or in the Stipulation and Agreement of Compromise, Settlement, and Release dated November 26, 2025 (“Stipulation”), which is also available at www.strategicclaims.net/Orbit.