MONTREAL, QUEBEC--(Marketwired - April 17, 2017) - Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") has been advised by the Toronto Stock Exchange (the "TSX") that it will de-list the Company's securities effective as of the close of business on May 16, 2017 for failure to meet the continued listing requirements of the TSX. The Company's securities will remain suspended from trading until that time.
The Company is currently subject to creditor protection under the provisions of the Bankruptcy and Insolvency Act ("BIA") after having filed a Notice of Intention to make a proposal (the "NOI") on April 3, 2017.
The Company's goal remains to put in place the required financing to emerge from insolvency protection and protect the interests of all stakeholders, including its shareholders. Orbite is currently in discussions with its secured creditors and other financial partners as well as with its calcination equipment supplier Outotec to resolve the present situation and meet again the listing requirements of the TSX. There can be no guarantees that the Company will be successful in securing the required financing, resolving the present situation, achieving its restructuring objectives and reinstating the listing of its securities on the TSX or listing them on any other stock exchange.
Orbite Technologies Inc. is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Quebec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallee deposit. The Company's portfolio contains 15 intellectual property families, including 50 patents and 52 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Quebec, where its technologies are developed and validated.
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In particular, statements concerning (i) the ability to put in place the required financing to emerge from insolvency protection (ii) the outcome of the Company's discussions with its secured creditors, financial partners, and calcination system equipment provider, (iii) the ability of the Company to resolve the present situation, (iv) the achievement of the Company's restructuring objectives, and (v) the ability of the Company to reinstate the listing of its securities on the TSX or to list them on any other exchange are all forward-looking statements. In this document, words such as "may"," confident", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. Factors that could impact the Company's expectations expressed in the forward looking statements include (i) with respect to financing, the inability to find lenders willing to provide financing or at terms acceptable to the Company, a deterioration in market or economic conditions limiting the supply of funds by lenders or increasing the cost thereof, actions or demands for repayment by existing lenders and other factors impacting financing (ii) with respect to the listing of the securities, the inability to meet, on a timely basis, the exchange's requirements, and (iii) with respect to the current discussions with its equipment supplier, the inability to provide technical solutions on terms and timelines acceptable to the Company. Risks, uncertainties and other factors that could affect anticipated results and future events also include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 31, 2017 on SEDAR, including those under the headings "Going Concerns", Commercial Operation of HPA Plant", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames".
The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Marc Lakmaaker, External Investor Relations Consultant
Source: Orbite Technologies Inc.