MONTRÉAL, QUÉBEC--(Marketwired - July 7, 2016) - Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite", or the "Company") today provided an operational update on the Company's progress with the construction of its HPA plant.
- CNC Mecanique was demobilized as planned from the site the week of June 27th.
- The remaining piping mechanical work was awarded to Fjordtech Industries Inc., who started preparation the week of June 27th and commenced work on July 4th.
- The contract for the remaining electrical and instrumentation work was awarded to Electro Kingsey the week of June 27th. Mobilization and work will commence on July 11th, and will be completed concurrently with completion of the piping work by Fjordtech.
- Both contracts were awarded following a competitive bid process, on a fixed-price basis with penalty provisions for late delivery, and stipulate an 8 week project timeline, with work continuing over the construction holiday. The contracts respect the revised project budget.
- Isolation Morissette was remobilized the week of June 6th, and is completing the insulation work on the steam piping and the calcination system (decomposer & calciner), also under a fixed price contract.
- All other construction is complete (civil and structural, major mechanical installation, decomposer and calciner installation ), or materially complete (ventilation).
Commissioning & start-up
- As reported on June 21st, all commissioning and cold start-up activities of the decomposer and calciner units have been completed successfully.
- Alumina product (SGA) was successfully fluidized in both reactors, and up to 5 tonnes per day was successfully transferred from the decomposer to the calciner via the sealpot assembly system.
- Additional systems will be commissioned and started as they are completed by Fjordtech and Electro Kingsey, including the hot start-up of the decomposer and calciner, forecast to commence in August.
"The project is progressing as communicated in our previous press release and at our annual meeting of shareholders," stated Glenn Kelly, CEO of Orbite. "With fixed price contracts against rigid timelines for the remainder of the work, we have a clear line of sight to completion. Additionally, commissioning activities have progressed well and our team is gaining the necessary experience on the various systems to operate the plant once started up."
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 commercializing its first HPA Plant in Cap-Chat. The Company's portfolio contains 16 intellectual property families, including 32 patents and 101 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, 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.
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 Company 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 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. 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 March 30, 2016 on SEDAR, including those under the headings "Recent increase in budgeted capital costs will require additional financing and may adversely impact our prospects", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames".
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.