Orbite Announces Changes to Board of Directors
May 12, 2014 (Source: Marketwired) — 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.
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.
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