Orbite Receives 4M$ Financial Contribution from Canada Economic Development
January 30, 2014 (Source: Marketwired) — 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.
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.
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.
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