Orbite Provides Corporate Update
LAVAL, Québec, June 29, 2018 (GLOBE NEWSWIRE) -- 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 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 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 Secretary
Tel.: 450 680-3341
Email:
