Orbite Continues Changes to its Management Team
October 8, 2013 (Source: Marketwired) — NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite” or the “Corporation“) today announced changes to its leadership team in order to further expedite the achievement of its near-term and long-term goals.
Mr. Denis Arguin, Vice President Operations has been promoted to Vice President Engineering and Operations. In this capacity, he will be replacing Mr. Denis Primeau, formerly Chief Engineer, who is no longer with the Corporation as of October 4, 2013.
In addition, Mr. Yves Noël, formerly Chief Marketing Officer, has been named Vice President Business Development.
“These changes streamline our management team, and are part of our ongoing process to build a new and stronger Orbite,” said Glenn Kelly, Orbite’s Chief Operating Officer. “Our team is focused upon the completion of our financing and will be capable of delivering on our near-term priorities, notably the finalization of our high-purity alumina facility in Cap-Chat, Quebec.”
This release does not constitute an offer for sale of securities nor a solicitation for offers to buy any securities. The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that 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, without generating any wastes. Orbite’s processes use feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. Orbite has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to begin construction of a Veolia-operated plant. The Corporation has an intellectual property portfolio that contains 14 IP families and owns the intellectual property rights to nine patents and 40 pending patent applications in 10 different countries.
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 Corporation or hypotheses underlying these items. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “confident”, “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 May 15, 2013 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements.
For instance, in connection with anticipated results of future financings, including the equity offering, management expectations are based on ongoing discussions with its financial advisors and a number of potential third party investors. The ability of securing any financing will depend on market conditions, investors’ financial objectives and tolerance to risk, investors’ assessment of the Corporation, including its financial position and prospects, all of which are not within the control of the Corporation. There can be no assurance that the Corporation will be successful in raising any capital and that any capital raised will be in amounts sufficient to complete the construction and optimization of the Corporation’s HPA production facility.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>