LAVAL, Québec, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Orbite Technologies Inc. (NEX:ORT.H) (“Orbite” or the “Company”) today provided an update on its plan to emerge from CCAA protection.
Definitions of the capitalized terms used herein can be found at the end of this press release.
Sale and Investment Solicitation Process (SISP)
As announced on October 7, 2019, the Monitor, in concert with Orbite, continues its discussions with certain bidders in the SISP process. The CCAA Court had extended the Stay Period until October 29, 2019.
The Company will provide further updates as developments occur.
Resignation of Directors and Officers of the Company
As a result of the Company’s insurers not granting an extension to the Directors and Officers Insurance Policy, all Directors and Officers of the Company have resigned, effective today. This includes all Board members as well as the Chief Executive Officer, the Chief Financial Officer, and the Chief Operating Officer. The aforementioned members of management will remain, for the time being, employees of Orbite but will report to the Monitor and will be called upon as needed to move the Company through the SISP process.
CCAA: Companies’ Creditors Arrangement Act.
CCAA Court: Quebec Superior Court.
Monitor: PricewaterhouseCoopers Inc.
Stay Period: Period of time during which there is a stay of all proceedings against the Company.
There can be no guarantees that the Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.
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, Québec The Company's portfolio contains 15 intellectual property families, including 41 patents and 17 pending patent applications in 11 different countries and regions. The Company also operates a state of the art technology development center in Laval, Québec, 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 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. 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 November 28, 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” described in the MD&A filed on March 31, 2017.
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 MORE INFORMATION, PLEASE CONTACT:
Orbite Technologies Inc.
Tel.: 450 680-3341