Orbite Announces Changes to Board of Directors
May 12 2014 - 8:41AM
Marketwired
Orbite Announces Changes to Board of Directors
Claude Lamoureux Appointed Chairman, Glenn Kelly Appointed
Director
MONTREAL, QUEBEC--(Marketwired - May 12, 2014) - Orbite Aluminae
Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") today
announced changes to the composition of its Board of Directors,
whereby Claude Lamoureux, independent member of the Board and Chair
of the Audit Committee will assume the role of Chairman of the
Board of Directors. Additionally, Mr. Glenn Kelly, the Company's
President and CEO, was appointed Director of the Company. Mr.
Lionel Léveillé, who has served as the Company's Chairman since May
2008, will remain on the Board as an independent member.
Mr. Lamoureux, inaugural President and CEO of the Ontario
Teachers' Pension Plan from 1990 until his retirement in 2007, led
its development into one of the world's leading pension plans, with
more than 100 billion in net assets and outstanding services to
more than 250,000 plan members. Mr. Lamoureux previously spent 25
years as a senior financial executive with Metropolitan Life in
Canada and the United States, rising through the ranks to head the
company's operations in Canada. He co-founded the Canadian
Coalition for Good Governance in 2002 to work for improved
corporate governance practices at Canadian companies. He chairs the
nominating committee of Investment PSP, chairs The Learning
Partnership and is a member of the International Corporate
Governance Network. He is a fellow of the Canadian Institute of
Actuaries and the Institute of Corporate Directors.
"We are very pleased to have such a prominent and high-caliber
professional agree to be our next Chairman," said Glenn Kelly,
President and CEO of Orbite. "We believe this appointment will be
of great benefit to Orbite during our current transition from
technology development company to operational commercial entity.
The appointment of Mr. Lamoureux as Chairman of the Board also
reflects our committed approach to best practices corporate
governance. I would also like to thank Mr. Léveillé for his hard
work as Chairman of the Company over the past six years, and I am
pleased he has agreed to stay on the Board and continue to
contribute to our development."
The aforementioned appointments are effective immediately. The
Company will ask shareholders to confirm these appointments at
Orbite's upcoming annual and special meeting, to be held on June
19th, 2014.
About Orbite
Orbite Aluminae 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 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 11 patents and 66 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, Québec, where its
technologies are developed and validated.
Investor Relations:TMX EQUICOMMark Lakmaaker, External Investor
Relations Consultant1-800-385-5451, ext.
248mlakmaaker@tmxequicom.comFor Media Inquiries:TMX EQUICOMShaun
Smith, External Media Relations Consultant1- 800-385-5451, ext.
252ssmith@tmxequicom.com
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