http://www.marketwire.com Marketwired en Copyright: (C) Marketwired 1 http://www.marketwire.com/rss/marketwire_logo.jpg http://www.marketwire.com
MONTRÉAL, QUÉBEC–(Marketwired – June 21, 2016) – Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite”, or the “Company”) today provided an operational update on the Company’s progress with the construction of its HPA plant, its commercial activities and expansion of its intellectual property portfolio.
HPA plant update
- CNC Mécanique was remobilized the week of May 24th to complete (notably) work on the high temperature steam piping for the calcination system, and they should be demobilized by the week of July 4th.
- Isolation Morrisette was remobilized the week of June 6th to complete insulation work on the steam piping and the calcination system (decomposer & calciner).
- The Company put out to tender, in May, the remainder of piping mechanical and electrical work to be completed.
- Piping mechanical was awarded to Fjordtech Industries Inc., who will be mobilizing shortly and will commence work the week of July 4th.
- The work was awarded to Fjordtech on a fixed-price basis with penalty provisions for late delivery. The contract stipulates an 8 week project timeline, with work continuing over the construction holiday. Contract amount respects the revised project budget.
- The contract for the remaining electrical and instrumentation work will be awarded the week of June 27th, with work to be completed concurrently with completion of the piping mechanical work.
Commissioning & start-up
- All commissioning and cold start-up activities of the decomposer and calciner units have been completed successfully.
- Alumina product (SGA) has been successfully fluidized in both reactors, and up to 5 tonnes per day was successfully transferred from the decomposer to the calciner via the sealpot assembly system.
- Additional systems will be commissioned and started as they are completed by Fjordtech, including the hot start-up of the decomposer and calciner.
Samples
- To date, 27 samples have been shipped to prospective customers, including one 50kg commercial sample. Two further commercial samples have been ordered (3 in total, to date). A further 21 samples are to be shipped to 20 additional prospective customers.
Intellectual property
- Since the Company’s last update, a further 7 notices of allowance have been received.
- Additionally, 7 new patents were granted, for a total of 14 new intellectual property rights.
- The newly awarded IP covers notably the HPA production process, Red Mud Monetization, and magnesium extraction and recovery.
- Coverage was expanded in the U.S., Russia, Australia, Japan and Canada.
Management commentary
“The changes we brought to our project execution structure have enabled us to lay down a very clear timeline towards completion of our HPA plant, as reflected by the fixed-price contract with Fjordtech,” stated Glenn Kelly, CEO of Orbite. “Also, commissioning work to date has met with expectations. With the plant nearing completion, commercial activities have also gained momentum and since our last update, we have shipped one commercial sample with another order to be sent out shortly. Finally, we continue to strengthen our intellectual property portfolio, which provides us with protection in various geographical markets and activities, as well as increases our visibility with potential partners and waste owners.”
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 commercializing its first HPA Plant in Cap-Chat. The Company’s portfolio contains 16 intellectual property families, including 32 patents and 101 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, 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 may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as “may”, “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. These risks uncertainties and assumptions 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 30, 2016 on SEDAR, including those under the headings “Recent increase in budgeted capital costs will require additional financing and may adversely impact our prospects”, “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.
]]>
NATIONAL Equicom
Marc Lakmaaker
External Investor Relations Consultant
416-848-1397
mlakmaaker@national.ca
For Media Inquiries:
NATIONAL Equicom
Scott Anderson
External Media Relations Consultant
416-586-1954
sanderson@national.ca
]]>
Tue, 21 Jun 2016 11:30:00 GMT