Orbite announces second quarter 2015 results and provides update on HPA construction

Orbite Technologies Inc announced today the filing of its Consolidated Interim Financial Statements for the second quarter ended June 30, 2015 . The Company reported a net loss of $3.7 million (or $0.01 per share) for the second quarter, as compared to a net loss of $4.3 million ( $0.02 per share) for the same period in 2014, representing a decrease of 12.7%. The company also reported a net working capital of $8.5 million. All dollar amounts are in Canadian dollars unless stated otherwise.

Second Quarter Major Highlights:

• The Company completed several financing initiatives during the quarter towards the funding of its HPA facility.
• Orbite received a $2 million installment and announced it would be receiving an additional $3.0 million installment from the Government of Québec towards its 2012 and 2013 Québec Investment Tax Credits, related to equipment purchased for manufacturing and processing in the Gaspé region.
• Investissement Québec ("IQ") agreed to provide Orbite with a $5.0 million bridge loan, collateralized against the Company's investment tax credits receivable for the year 2015. • Orbite shipped high purity alumina ("HPA") samples to five prospective customers, thereby entering their supplier qualification programs. The samples were produced using a modified set-up of the existing calcination equipment at the Company's HPA facility in Cap-Chat .
• The Company received patents in both Canada and the United States pertaining to its Red Mud Monetization technology, namely Canadian patent 2,857,574 and U.S. patent 9,023,301, both titled Processes for Treating Red Mud .
• Orbite announced that it received notification from IP Australia of the granting and the delivery of patent 2012308068 pertaining to Processes for preparing alumina and various other products.
• Orbite announced that effective June 17, 2015, the Company had changed its name to Orbite Technologies Inc. to better reflect Orbite's current vision and growth prospects. Concurrently with its name change, the Company's shares began trading under the "Industrial/Technology" listing segment on the Toronto Stock Exchange, instead of "Mining".

Revenues and earnings:

• The Company is a development stage company and has no revenues.
• Net loss for Q2 2015 decreased by $0.55 million to $3.7 million , or from $0.02 per share to $0.01 per share, as compared to the same period in the prior year. The decrease in net loss was due primarily to a reduction in financing costs and other expense, offset partially by an increase in HPA plant operating expenses, reflecting increased activity at the Company's HPA facility.
• Net loss for the six months ending June 30, 2015 fell by $2.3 million to $6.4 million , as compared to the same period in 2014. The reduction in net loss was attributable mainly to a $1 million reduction in General and Administrative expense and a reduction in financing costs and other expense.