Orbite Provides Corporate Update

MONTRÉAL, QUÉBEC--(Marketwired - July 27, 2017) - Orbite Technologies Inc. (NEX:ORT.H) ("Orbite" or the "Company") today provided an update on its continuing efforts to emerge from insolvency protection for the benefit all of its stakeholders.

Petition to the CCAA Court to extend the Stay Period and approve a DIP Financing

As announced on May 24, 2017, the Superior Court of Québec (the "CCAA Court") granted a motion filed by the Company under the Companies' Creditors Arrangement Act ("CCAA") and issued an amended and restated order namely to extend the initial stay of all proceedings from May 29, 2017 to August 4, 2017 (the "Stay Period").

The Company filed on July 26, 2017 a motion to the CCAA Court seeking (1) the extension of the Stay Period to November 30, 2017 and (2) the approval of a $6.8 million debtor-in-possession ("DIP") financing from the holders of Orbite's 7% Convertible Secured Debentures due September 28, 2018 (the "2015 ITC Debentures") and a related DIP super-priority charge over the Company's assets. The terms and conditions of the DIP financing are set forth in a credit facility between the Company and Computershare Trust Company of Canada in its capacity as trustee for the holders of 2015 ITC Debentures.

If approved by the CCAA Court, the DIP financing would serve for working capital and other general corporate purposes as well as to pay fees and expenses related to Orbite's restructuring process, and is expected to close two business days after the day an order approving the DIP financing is received.

The Company will provide further updates as developments occur.

There can be no guarantees that the DIP financing will be approved by the CCAA Court and implemented or that Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.

About Orbite

Orbite Technologies 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, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of 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 Company's portfolio contains 15 intellectual property families, including 45 patents and 48 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may"," confident", "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 Company 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 Company's control. Risks, uncertainties and other factors that could affect anticipated results and future events also 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, 2017 on SEDAR, including those under the headings "Going Concerns", Commercial Operation of HPA Plant", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames" described in the MD&A filed on March 31, 2017.

The Company 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.