Orbite Provides Corporate Update
29 Juin 2018 - 10:00PM
Orbite Technologies Inc. (“Orbite” or the “Company”) today provided
an update on on its continuing efforts to emerge from insolvency
protection.
Appeal of the decision on the motion
against its insurer for indemnification
On November 16, 2017, the Company announced it
had filed a motion against its insurer Royal Sun Alliance for the
payment of approximately $23.3 million to recover the costs
associated with repairing the heating element system of the
calcination equipment and the fixed costs incurred during the
downtime experienced. The court has rendered a decision on February
23, 2018 which denied the motion filed by Orbite. As announced on
March 6, 2018, Orbite appealed the decision.
The Court of Appeal rendered its decision
yesterday and confirmed the decision of the Superior Court.
Consequently according to the decision, the insurance company does
not have to indemnify Orbite pursuant to its insurance claim.
About OrbiteOrbite 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 and has completed the
basic engineering for a proposed smelter-grade alumina (SGA)
production plant, which would use clay mined from its Grande-Vallée
deposit. The Company's portfolio contains 15 intellectual property
families, including 44 patents and 33 pending patent applications
in 11 different countries and regions. The first intellectual
property family is patented in Canada, USA, Australia, Japan and
Russia. The Company also operates a state of the art technology
development center in Laval, Québec, where its technologies are
developed and validated.
FOR MORE INFORMATION, PLEASE
CONTACT:
Orbite Technologies Inc.Geneviève Marchand,
Corporate SecretaryTel.: 450 680-3341Email:
info@orbitetech.com
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