In a small saucepan over medium-high heat, melt butter or margarine with brown sugar. In a small bowl, mix orange juice and cornstarch until smooth. Add to brown sugar mixture. Stirring, bring to a boil and boil for 1 minute. Stir in preserves and heat through. Set sauce aside and keep warm.
In a large bowl, mix flour, sugar, baking powder and salt set aside.
In a small bowl, beat egg yolks and milk until well blended. Beat in shortening and rind.
In a small mixer bowl at high speed, beat egg whites until soft peaks form. Stir milk mixture into flour mixture until flour is moistened. Fold in egg whites.
Spoon onto a preheated greased waffle iron and bake for 5 to 7 minutes or until golden brown and crisp. Keep hot in a warm oven. Serve with sauce.
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