(MENAFN- GlobeNewsWire - Nasdaq) LAVAL, Québec, Nov.01, 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.
CCAA Court extends the Stay Period
As announced on October 7, 2019, the CCAA Court issued an order pursuant to the CCAA providing for a Stay Period until October 29, 2019. On October 28, 2019 the CCAA Court granted a motion filed by the Company and issued an order extending the Stay Period until November 26, 2019.
Considering the resignations and the absence of management, effective October 18, 2019, the CCAA Court granted expanded powers to the Monitor to allow it to assume control of the CCAA proceedings, inter alia, to carry out the sale or liquidation process.
The extension of the Stay Period was granted to provide the Monitor, on behalf of Orbite, with enough time to carry out the following:
- Continuing the discussions with potential purchasers / investors / strategic partners that have submitted expressions of interest under the SISP;
- Collecting the investment tax credits for the year 2018;
- The filing and hearing of an application for approval of a SISP transaction, if any;
- The closing a SISP transaction;
- In parallel to the above, preparation and implementation of a dismantlement and liquidation plan.
The Cap-Chat plant is under care and maintenance by the requisite Orbite operating staff and all other employees have been laid off.
There can be no guarantees that the Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.
Definitions
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.
SISP: Sale and Investment Solicitation Process
About Orbite
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.
Forward-looking statements
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:
PricewaterhouseCoopers Inc, on behalf of Orbite Technologies Inc.
For any media request, please contact
Youann Blouin
Manager, Public Relations ,
Tel.: 514-205-5433
Email:
Sophie Latendresse
Manager, Consulting & Deals
Tel.: 514 205-5109
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