Orbite announces Q3 2015 results and provides update on HPA construction

Orbite Technologies Inc. announced the filing of its Consolidated Interim Financial Statements for the third quarter ended September 30, 2015. The company reported a loss before net finance income and taxes of $2.5 million as compared to $2.4 million for the same period in 2014. Due to a decrease in non-cash-net finance income, the net loss was $2.1 million for the third quarter, as compared to a net loss of $0.2 million for the same period in 2014. As at September 30, 2015t. The company also reported a working capital of $4.6 million.

Third Quarter and Subsequent Events Highlights:

- Announced the collaboration with the National Research Council on HPA benchmarking for lithium-ion batteries.
- Shipped first 5N+ HPA samples to prospective customers.
- Received notice of allowance for several Canadian and U.S. patents, including patents relating to fly ash monetization.
- Announced its intention to redeem all outstanding 2012 debentures.
- Subsequent to quarter's end, the company completed a $22 million non-dilutive debt facility.
- Additionally, the company announced that Investissement Quebec ("IQ") increased the amount of its second secured bridge loan, initially granted in June 2015.
- The company also used a portion of the proceeds of its November 5 financing, namely $3.03 million, to repay in full the bridge loan.

HPA Plant Construction Update:

-- The refractory installation process and internal prepping of the decomposer and calciner ovens were completed on August 1, as planned.
-- CNC advanced the integration of the calcination system into the plant through the installation of the calciner and decomposer internal heating elements.
-- CNC is also well advanced with the installation of other major mechanical equipment and vessels related to the digestion system, the crystallization system, the acid recovery system and the acid regeneration system.
-- Shop prefabrication of specialty alloy piping, required for the high-temperature steam supply to the decomposer and calciner continues to progress well at our external supplier's shop.
-- Prefabrication of lined piping (acid duty) continues, and delivery to site for installation commenced in August, as planned.
-- Piping installation with CNC, starting with piping support installation, commenced in August. Installation of prefabricated piping is ongoing
-- Construction crews will be going to two 10 hour shifts to accelerate prefabricated piping installation
-- The contract for the installation of the new ventilation system was awarded to Balvent Inc. from Quebec city and site work commenced in September.

"We are now fully financed for the completion of our HPA facility," stated Glenn Kelly, CEO of Orbite. "We are making very good progress at the plant and have successfully commenced with the commissioning of sections of the plant. With the remaining work on schedule, we continue to be on track for the start of commercial production in Q4 of this year."