Orbite Receives First $6 Million Installment of Quebec Investment Tax Credits
July 22, 2014 (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT) (OTCQX:EORBF) (“Orbite“, or the “Corporation“) announced today it has received a first installment of $6 million related to its 2012 Québec Investment Tax Credits. The funds were due to the Corporation in relation to equipment purchased for manufacturing and processing in the Gaspé region during the 2012 financial year.
This first $6 million and subsequent funds the Corporation receives upon reimbursement of the 2012 and 2013 investment tax credits will be deposited in a segregated account and serve as security for the convertible debentures issued in 2012. The Corporation anticipates receiving the balance of its 2012 investment tax credits during the remainder of 2014, with payments for 2013 expected in 2015.
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Prior to this payment, the Corporation had a balance of $27.7 million in Québec Investment Tax Credits to be received, of which $19.7 million relates to the 2012 financial year, $6 million to the 2013 financial year, and $2 million for 2014 as of the date hereof. The Corporation anticipates accruing another $2.3 million during the remainder of 2014 such that total Québec Investment Tax Credits under this program should reach approximately $30 million following completion of its HPA facility at Cap-Chat.
Orbite Aluminae Inc. is a Canadian cleantech company whose 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 16 intellectual property families, and the Corporation owns the intellectual property rights to 11 patents and 72 pending patent applications in 10 different countries. The first intellectual property family is patented in Canada, USA, Australia, China, and Russia.
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”, “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 13, 2014 on SEDAR.
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>