Orbite Receives 4M$ Financial Contribution from Canada Economic Development
January 30 2014 - 3:03PM
Marketwired
Orbite Receives 4M$ Financial Contribution from Canada Economic
Development
MONTREAL, QUEBEC--(Marketwired - Jan 30, 2014) - Orbite Aluminae
inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") is pleased
to announce it was granted a 4M$ non-interest bearing repayable
financial contribution from Canada Economic Development for Québec
regions (the « Agency »). The announcement occurred at Orbite's
technology development center in Laval, Québec, by the Honorable
Denis Lebel, the Federal Minister of Infrastructure, Communities
and Intergovernmental Affairs and Minister of the Economic
Development Agency of Canada for the Regions of Québec.
"We are very thankful for the confidence and financial
commitment provided by the Agency which will be dedicated to the
purchase and installation of our alumina calcinator, a key element
in our high purity alumina production facility" declared Glenn
Kelly, Orbite's Chief Operating Officer and executive VP. "We
are especially pleased that the announcement is taking place at our
technology development centre where our state of the art
technologies are developed and validated".
"The Government of Canada actively supports business
projects like the one being carried out by Orbite Aluminae in order
to ensure sustainable and job-creating growth. These investments in
Cap-Chat will generate major positive social and economic benefits
for the surrounding area as well as for the entire Gaspésie
region," mentioned Minister Lebel in his speech.
The contribution is interest free, repayable in 10 consecutive
equal semi-annual installments starting 24 months following
completion of the HPA Facility and was awarded through Canada
Economic Development's Québec Economic Development Program.
About Canada Economic Development
Under its Act, which came into effect on October 5, 2005, the
object of the Agency is to promote the long-term economic
development of the regions of Québec by giving special attention to
those where slow economic growth is prevalent or opportunities for
productive employment are inadequate. In carrying out its object,
the Agency shall take such measures as will promote cooperation and
complementarity with Québec and communities in Québec. The Québec
Economic Development Program (QEDP) helps support entrepreneurship,
business performance, regional mobilization and investment in the
regions while providing support for economic activity in Québec
communities on an ad hoc basis to stabilize or strengthen their
economies.
About Orbite
Orbite Aluminae Inc. is a Canadian cleantech company who's
innovative and proprietary processes are expected to produce
alumina and other high-value by-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 and fly ash. Orbite is
currently 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 Corporation's intellectual property portfolio contains 15
intellectual property families, and the Corporation owns the
intellectual property rights to 10 patents and 58 pending patent
applications in 10 different countries and regions. The first
intellectual property family is patented in Canada, USA, Australia,
China, and Russia. The Company also operates a state of the art
technology development center in Laval, Quebec, 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,
forward-looking information may include statements regarding
projects, costs, objectives and future returns of the Corporation
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 Corporation 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 Corporation'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
November 14, 2013 on www.sedar.com.
The Corporation 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.
TMX EQUICOMMark LakmaakerExternal Investor Relations
Consultant1-800-385-5451 ext. 248mlakmaaker@tmxequicom.comFor Media
Inquiries:TMX EQUICOMShaun SmithExternal Media Relations
Consultant1-800-385-5451, ext. 252ssmith@tmxequicom.com
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