Orbite announces Q4 and Full Year 2015 Results

Orbite Technologies Inc. announced today the filing of its Financial Statements for the fourth quarter and year ended December 31, 2015. During the fourth quarter, the company reported a loss before net finance expense (income) and taxes of $3.9 million, down 23.5 per cent from $5.1 million for the same period in 2014. For the full year, loss before net finance expense (income) decreased by 13.9 per cent, or $2 million, from $14.4 million to $12.4 million, as compared to fiscal 2014.

As at December 31, 2015, the company had an aggregate cash and short-term investments balance of $2.6 million, and positive working capital (current assets less current liabilities) of $4.2 million. Subsequent to year end, in fiscal 2016 to date, the company has raised capital, strengthening its working capital position, with net proceeds of $10 million through a bought deal financing and the exercise of share purchase warrants.

"Despite the additional delays caused by the speed of piping installation and related increase in construction costs, we have progressed well with plant construction, and are confident in securing the required funds towards completion of the project," stated Glenn Kelly, CEO of Orbite.

"Considering the positive progress of our commissioning activities to date, we are also confident in fully commissioning the plant and its subsequent start-up, signalling Orbite's transformation from a technology development company to a commercial entity. We have a unique and strong technology capable in delivering 5N+ HPA, which has sparked interest from a variety of end users. Additionally, our growing IP on waste monetization has created further interest among waste owners and potential partners in the execution on our waste monetization strategy," Kelly added.

(All dollar amounts are in Canadian dollars)